GM reportedly scaling back IPO

By Dow Jones Newswires
Posted Sep. 23, 2010 at 1:34 p.m.

General Motors Co. likely will seek to raise $8 billion to $10 billion through an initial public offering in November, less than it initially planned, Bloomberg News reports reported Thursday, citing two people familiar with the matter.

The U.S. Treasury Department, a 61 percent holder of the automaker’s shares, is more interested in a higher share price than selling a larger portion of its position, the sources said.

GM, along with the investment banks underwriting the IPO, have been considering an offering as large as $16 billion, people familiar with plans said in August.

A spokesman for GM declined to comment, Bloomberg says.

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One comment:

  1. Rance St. Ambrose, IV Sep. 23, 2010 at 2:11 pm

    In other words: Load up on FORD STOCK.

    May 2009 valued at about $5.50 per share.
    Today’s value about $12.50 per share.

    GM, the Government lap dog, is about to start its tumble down the road to chapter 7 bankruptcy. Chrysler will be there, too.