The U.S. Treasury does not plan to start selling its remaining shares in General Motors Co (GM.N) until August at the earliest, after the automaker's second-quarter financial results, people familiar with the matter said. The Treasury, which holds a 32 percent stake in the top U.S. automaker, will wait on a secondary offering in light of GM's recent share performance, and the earliest possible time for its follow-on sale is August, these people said. The U.S. government is also opposed to the idea of selling a portion of its shares directly to GM, although such a transaction was suggested as a possible option to help alleviate the overhang for GM's stock stemming from roughly $16 billion worth of shares held by Treasury, these people said. The Treasury has also decided to delay a secondary offering for at least several months partly because it wanted to avoid the process of another S-1 regulatory filing -- which would require a potentially lengthy review by the U.S. Securities and Exchange Commission -- the sources said.
General Motors Company (GM) is a global automotive company. Shares of GM traded higher by 0.56% or $0.175/share to $31.475. In the past year, the shares have traded as low as $29.17 and as high as $39.48. On average, 16154900 shares of GM exchange hands on a given day and today's volume is recorded at 7485701.
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