Thursday, April 24, 2014
The Associated Press
DETROIT - The government has sold another piece of its stake in General Motors Co.
The Treasury Department said in its March report to Congress that it sold $621 million worth of GM common stock last month.
The report dated Wednesday says the government has recovered about $30.4 billion of the $49.5 billion bailout it gave the Detroit automaker.
The Treasury says the price per share will be revealed at a later date. GM stock sold in a range of $26.75 to $29.30 in March. At the midpoint of $28, the government would have sold roughly 22.2 million shares. That would leave it with about 255 million shares. GM shares closed up 84 cents, or 3 percent, at $28.37 on Wednesday.
In January, the Treasury announced a plan to sell the shares by early 2014 and said it hired JPMorgan Securities and Citigroup Global Markets to conduct the sale. The banks will get one cent for every share they sell, for a fee of up to $3 million.