The U.S. government plans to sell 300000 shares of general motors stock other public offering on Thursday, because it accelerate efforts to remove yourself from the car giant's shares, it bailed out four years ago.
The Treasury will share prices, after the market close, on Thursday, with sales occurred soon after. The united auto workers union retiree healthcare trust will join the marketing and sale of 2 billion shares, the issuance of 5 billion shares.
Gm shares fell 76 cents, or 2.2%, to 34.2, in afternoon trading on Wednesday, but recently it has made great growth. On Tuesday, the stock hit $35.49, its highest level since December 2010, according to FactSet. Shares about 19% since the start of the year.
The public offering will help speed up from GM shares, it is $4.95 billion in 2008 and 2008 dollar rescue plan, in return for the government's exit. At the end of last year, the government still owns 5 million shares of car maker, but GM for $550 million to buy 2 million shares, in December, the Treasury promised to gradually sold its remaining stake early next year.
Gm has been eager to leave the company for the government to part of the ownership, hope to get rid of the mocking nickname "government motors", and attract customers avoid gm, because it is the government money. GM at the end of 2008 almost ran out of cash, need cash from the government, through its chapter 11 bankruptcy protection. Although in the government's ownership, the company also belongs to limit executive pay, it says, stop recruiting top talent.
Sold 5 billion shares, citigroup global markets co., LTD., Morgan Stanley and jpmorgan securities limited liability company LLC, with general motors as it back into the standard & poor's 500 - stock index.
On Thursday, gm will replace heinz index in the standard & poor's 100 and 100. And is expected to be completed for 3 g and buffett's Berkshire hathaway investment company buy tomato sauce manufacturer.
Stocks tend to get at least temporary booster after joining the standard & poor's 500 index, because the fund index of new shares, its investment portfolio.
Gm chief financial officer Dan Oman, said the company in a statement, appreciated the opportunity to, to help sales, it is possible to join the S&P 500 index.
In April the latest report, the Treasury has recovered about $30.7 billion bail-out of $4.95 billion. This means that the taxpayer is still $18.8 billion in the hole. So far this year, the government has sold 5.84 billion shares of general motors stock, and won $1.6 billion in net proceeds. That left 241.7 million shares of general motors stock is still in the hands of the government. Have to sell this stock to around $78 a share, for the government to withdraw all of its bailout costs.
On sale on Thursday, the government will still have about 21.1 billion shares, although it may be in May has not been announced on the open market to sell additional shares. The Treasury says it still plans to sell its stake in gm beginning early next year.
Last month, gm shares hit a big milestone, when they charge higher than in November 2010 initial public offering price of 33 yuan, more than two years for the first time.
Since early may, the company's shares have been rising, while its profit in the first quarter of strong sales in North America recorded sound. Help signs, after the fall in car sales in Europe this month may have bottomed out. Gm has lost money over more than a decade in Europe.



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