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Wednesday, December 19, 2012

GM to buy stake from Treasury, which plans full exit of holdings

Dec 19, 2012 , 13:15 PM , from yahoo
gm to buy stake from treasury, which plans full exit of holdings 
(Reuters) - General Motors Co said on Wednesday it will buy back 200 million of its shares from the U.S. Treasury, which intends to sell the rest of its stake in the company over the next 15 months, bringing to an end ownership that led many to dub the automaker "Government Motors." Chief Financial Officer Dan Ammann said GM will pay $5.5 billion, or $27.50 a share for the Treasury stake in a deal expected to close by year end. Treasury said it will sell its remaining stake of about 300.1 million shares "through various means in an orderly fashion" over the next 12 to 15 months. ...


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