The U.S. Treasury Department and the UAW retiree health care trust plan to sell a total of 50 million shares of General Motors (GM) stock this week, reports Detroit Free Press.
The treasury department would sell 30 million shares in a public offering tied to GM’s return to the Standard & Poor’s 500 Index, which is expected to happen after the market closes Thursday. As part of the offering, the UAW ill sell 20 million shares.
The offering is managed by Citigroup, J.P. Morgan and Morgan Stanley.
The U.S government will continue to sell GM shares on a daily basis until it sells its final GM shares in early 2014. The government is expected to lose more than $10 billion on its $49.5 billion GM bailout.
At the end of the first quarter, the U.S. still owned about 16% of GM, down from 26.5% in late 2012.
Source: Detroit Free Press
