U.S. sells nearly 20 percent of remaining GM shares
Source: Detroit News
The U.S. Treasury sold nearly 20 percent of its remaining shares in General Motors Co. in the first three months of the year, the Detroit automaker disclosed Thursday.
The Treasury, which initially held 60.8 percent of GM as part of the U.S.$49.5 billion bailout, now owns just 16.4 percent, or 241.7 million shares. In December, the Treasury sold GM 200 million shares of its stake for $5.5 billion to reduce its stake to 300 million shares.
In total, Treasury has recouped $30.4 billion. At current trading prices, Treasury would lose about $11.5 billion on its GM bailout.
GM disclosed that its second biggest holder is Brock Fiduciary Services LLC, with a 14 percent stake, followed by the Canadian and Ontario governments, which hold a 9.5 percent stake as part of the Canadian government's $10 billion GM bailout.
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