General Growth Properties Inc. priced 135 million shares at $14.75 per share on Monday, as part of a plan to raise $1.99 billion to repay investors who helped finance the No. 2 U.S. mall owner’s exit from bankruptcy. Get the full story »
Filed under: IPOs
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GM adds shares, hikes IPO price
A confident General Motors has added 20 million shares of preferred stock to its initial public offering, and it raised the estimated price range for common shares by about 14 percent to $32 to $33.
The Detroit automaker, just 16 months out of bankruptcy protection, will now sell 80 million shares of preferred stock for $50 each when its offering takes place on Thursday. Common shares will be sold by the U.S. government and two other owners, who inherited the stock for helping GM get through a painful restructuring last year.
GM shares expected to top $30 in IPO
Strong investor demand is expected to drive the pricing of General Motors’ initial public offering to $30 per share or higher, above the initially proposed range, two people familiar with the matter said on Monday.
GM earlier filed to sell shares for $26 to $29 each. Get the full story »
China’s SAIC agrees to take 1% stake in GM IPO
China’s SAIC Motor Corp. Ltd has agreed to take a stake in General Motors Co if Chinese regulators approve a deal to deepen an existing alliance between the two automakers, four people familiar with the matter said.
The potential investment from SAIC is part of a surge in investor interest in GM that is expected to push the pricing of its shares to $29 or above in the the U.S. automaker’s initial public offering, one of the sources said. Get the full story »
GM’s IPO oversubscribed, still open, sources say
General Motors Co. is still accepting investor orders for shares in its initial public offering and is not expected to close the order books until early next week, three people familiar with the matter said on Friday.
The IPO is expected to price around the top end of the range and exercise the full greenshoe, two sources said. Get the full story »
Nader, others ask U.S. to put brakes on GM IPO
The U.S. Treasury should make General Motors Co. suspend its planned initial public offering to ensure a better return for taxpayers on the government’s stake in the company, safety and consumer advocates said Thursday.
In a letter to President Barack Obama, the group led by consumer advocate Ralph Nader said the administration has a fiduciary responsibility to take a measured approach on the stock sale and leverage ownership to make strides on auto safety and fuel efficiency. Get the full story »
Nov. 10, 2010 at 5:13 p.m.
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Filed under: Autos, China, IPOs, International, Investing, Manufacturing Report: GM in talks to sell stake to China’s SAIC
General Motors Co. is in the final stage of talks to sell equity to long-time Chinese partner SAIC Motor Corp. in conjunction with its landmark initial public offering, two people familiar with the matter said.
The two government-funded automakers are determining how much of a stake SAIC would buy in the top U.S. automaker after discussions involving technology sharing and SAIC’s ambitions to move beyond China, the sources said. Get the full story »
E-mail leak cost UBS a slice of GM IPO, SEC told
Swiss bank UBS is no longer working on General Motors’ initial public stock offering because a bank employee leaked information about the sale in an unauthorized e-mail, a person briefed on the matter said Wednesday.
GM disclosed the e-mail in a filing with the Securities and Exchange Commission. UBS had been listed as a proposed underwriter in GM’s IPO until Nov. 3, when it was dropped without explanation. Get the full story »
GM: ‘Unauthorized’ e-mail cost UBS an IPO spot
General Motors confirmed on Wednesday that it has dropped one of the proposed underwriters of its initial public offering due to an “unauthorized” e-mail sent by an employee of the bank. Get the full story »
GM’s $13 billion IPO to cut Treasury stake to 43%
General Motors on Wednesday finalized terms for a stock offering of about $13 billion to repay a controversial taxpayer-funded bailout and reduce the U.S. Treasury to a minority shareholder.
GM’s filing with the U.S. Securities and Exchange Commission is the final step before it begins marketing what is expected to be one of the largest-ever IPOs. The investors are expected to span the globe and include sovereign wealth funds.
The automaker plans to sell 365 million common shares, or 24 percent of its common stock, at $26 to $29 each, raising about $10 billion at the midpoint, according to updated initial public offering papers filed with the SEC. Get the full story »
GM’s tax break worth as much as $45 billion
General Motors can get a tax break of up to $45 billion as part of its U.S. government-financed restructuring, documents filed with federal regulators earlier this year showed.
The Wall Street Journal earlier reported that GM would not have to pay federal taxes on up to $50 billion in profits. A later version of this story revised this figure to about $45 billion.
This figure also includes $18.88 billion of carry-forwards, according to the automaker’s annual filing from April. Get the full story »
GM can avoid federal taxes on $50B of profits
General Motors will not have to pay U.S. federal taxes on up to $50 billion of profits for as long as 20 years, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
With the standard federal corporate tax rate at 35 percent, that tax break could save GM $17.5 billion, not factoring in tax deductions, the Journal reported. Get the full story »
Ford stock rally could be boon to GM IPO
Ford Motor Co.’s emergence as Detroit’s darling may have fueled jealousy at General Motors Co headquarters, but the archrival’s rising shares could help GM as it readies its landmark return to public markets. Get the full story »
