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GM To Help U.S. Divest Its Stake Through Share Repurchase

The automaker will buy 200 million shares as part of Treasury's plan to sell entire GM stake within 15 months.

By Tim Higgins, Bloomberg | Updated on December 19, 2012

General Motors Co. will purchase $5.5 billion of its stock from the U.S. Treasury, moving the government a step closer to ending the controversial bailout of the auto industry.

GM will buy 200 million shares for $27.50 each, a 7.9 percent premium over yesterday’s closing price, the automaker said today. Treasury will still hold about 300 million shares, or 19 percent on a fully diluted basis, after the transaction and plans to sell its entire holding within 15 months, GM said.

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