GM to rebuy 200M shares from Treasury by year-end
Dec 20, 2012 | 02:55 PM
| Corinna Petry
Tags
General Motors,
GM,
Department of the Treasury,
Dan Akerson,
share repurchase,
Timothy Massad,
Corinna Petry
CHICAGO — General Motors Co. will purchase 200 million shares of GM common stock held by the U.S. Department of the Treasury for $5.5 billion, or $27.50 per share, it said Wednesday, noting that the transaction will close by year-end.
The share buyback is part of the Treasury’s plan to fully exit its entire holding—which stands at 500.1 million shares—of GM stock within 12 to 15 months, subject to market conditions. The Treasury intends to begin its disposition of its remaining shares as soon as January, consistent with a pre-arranged written trading....
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