The Associated Press
Traverse City Record-Eagle
---- — Public stock offering
PARING GM STAKE: The U.S. government plans to sell another 30 million shares of General Motors stock in a public offering as it speeds up efforts to divest itself from a stake in the auto giant that it got in a bailout four years ago.
GM LIKES IT: GM hopes government share sales will help it shed the derisive nickname “Government Motors” as well as attract customers who have shunned GM cars because it took government money. GM nearly ran out of cash late in 2008 and needed the government cash to make it through bankruptcy protection.
THE DETAILS: The Treasury Department will set the price for the shares after the markets close on Thursday, with the sale taking place shortly thereafter. A United Auto Workers retiree health care trust fund will join the sale and sell 20 million shares, pushing the size of the offering to 50 million shares.