US Treasury says agrees to be shareholder in GM IPO

Newswire

WASHINGTON, Aug 18 (Reuters) - The U.S. Treasury Department said on Wednesday it has agreed to be named as a selling shareholder in General Motors' initial public offering, and will retain the right, at all times, to determine its level of participation in the IPO. The Treasury -- which owns 60.8 percent of GM's common stock and $2.1 billion of its Series A preferred stock -- said the IPO would not include any of the government's preferred stock. The government did not indicate its ...

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