Tuesday, October 15, 2013

US Treasury raises $570.1 million € more GM stock sale

DETROIT, Oct 11 Reuters) - the U.S. Treasury Department said that it last month sold an additional $570,1 million worth of General Motors co shares, as he moved in the direction of its holdings in the automaker until end of March 2014 end.

The Ministry of finance from end of September said it about 36 billion stored in documents online on Thursday, $ from its $49.5 billion-bailout had recovered, received the number 1 of the U.S. automakers, helped out of insolvency in 2009.

On Sept. 26, Treasury launched the third phase of a plan to sell its GM stake, which once stood at 60.8 percent. When she outlined her exit plan in December 2012, Treasury said it would sell its GM shares in 12 to 15 months.

Ministry of finance does not disclose, how many shares recently sold, but said its share at about 7 percent was. At the end of the second phase of trading it was 101.3 million shares, or 7.3 per cent.

Treasury officials have said that the Government $15 billion to $85 billion auto industry bailout loses containing the Chrysler, but said that the intention was to save the jobs, not to make.

The US taxpayer bailout led some critics, the company "Government motors" dub executives said, the stigma some hurt sales

GM CEO Dan Akerson said end of the Treasury share would bring closure of the bailout and to remove the perception of government ownership for the customer.

Analysts have speculated, that the Treasury Department exit is earlier than might be expected, and if the entire stake is sold, the automaker can consider reinstate a dividend on the common shares. A dividend for ordinary shares has not been paid since May 2008.

GM executives have said that they focused on the reinvestment in the company.

0 коммент.:

Post a Comment