Sunday, November 17, 2013

The Treasury sold GM shares for $1.2 billion in October

DETROIT, 13 Nov Reuters)-the U.S. Treasury Department said that it is another raised $1.2 billion in sales in October from the sale of shares in General Motors co, how goes it in order to reduce their share of the number 1 of the U.S. automakers.

Treasury in its monthly report to Congress on Tuesday, that it approximately 37.2 billion $ investment in GM through repayments, sale of own shares, dividends, interest and other income recovered had announced.

In 2009, the U.S. Government extended $49.5 billion in the form of loans to GM in Exchange for $2.1 billion in preferred shares and a shares by 60.8 percent. Ministry of finance who winding down, hold, saying last month it had reduced to around 7 percent.

Ministry of finance last year said in December it will completely stop its share of GM until end of March 2014, although most analysts and expect investors that can happen much sooner.

Treasury owned 101.3 million GM shares from Sept. 26, but the $1.2 billion in revenue suggests that it roughly may have sold one-third of that total in October given the fact that the car manufacturers of the share in the range of $35 to $36 a share over the course of the month traded.

Last month, Treasury said it had recorded a loss of $9.7 billion on the GM bailout. 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 exit of the Treasury will eliminate the stigma of government ownership, which hovered over the automaker, the induced dub has some critics, the company "Government motors."

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