Treasury to sell more GM shares as it winds down stake

Source: Reuters

By Margaret Chadbourn

(Reuters) - The Treasury Department on Wednesday announced plans to sell 30 million shares of General Motors Co (GM.N) 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.

The government, which initially took a 60.8 percent stake in the No. 1 U.S. automaker as part of its $49.5 billion bailout, had said it planned to sell its remaining shares by early 2014. Some analysts said it could unwind the position even sooner.


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