Treasury to Sell 30 Million GM Shares
Plans to sell off all remaining shares by 2014
The Treasury Department on Wednesday announced plans to sell 30 million shares of General Motors Co common stock as part of its ongoing effort to wind down the government's stake in the bailed-out automaker.
The Treasury said it would sell the shares in a public offering in conjunction with the company's inclusion to the Standard & Poor's 500 index on June 6, which should help spur demand for the stock.
The offering will take place along with the sale of 20 million shares of GM stock held by the UAW Retiree Medical Benefits Trust, bringing the total size of the sale to 50 million shares, it said.