Skip to comments.GM’s return to S&P 500 prompts stake sale
Posted on 06/05/2013 12:01:54 PM PDT by John W
The US Treasury and a union healthcare fund are to exploit General Motors return to the S&P 500 stock market index by selling a further 3.6 per cent stake worth $3.6bn in the recovering carmaker.
The sale made up of 30m shares held by the Treasury and 20m held by Veba, the United Auto Workers pension and healthcare fund will reduce the governments stake in GM to about 14 per cent and Vebas to about 9 per cent.
The US Treasury, the UAW and the Canadian government all co-operated in a bailout and restructuring of GM in 2009 in which the carmaker, the USs largest by sales, was put through a managed bankruptcy process. The Canadian government retains 9 per cent.
(Excerpt) Read more at ft.com ...