News Summary: Treasury to sell 30M GM shares

News Summary: Treasury announces sale of additional 30 million shares of General Motors stock

Associated Press
Treasury to sell 30 million shares of GM stock
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FILE - In this Thursday, Jan. 10, 2013 file photo, the logo for General Motors decorates the entrance to a former UPS facility as GM announced plans to open an information technology center in the building that would create about 1,000 jobs, in Roswell, Ga. The U.S. government is taking advantage of the recent run-up in General Motors stock to sell off another 30 million shares in the auto giant that it acquired in a bailout, according to the Treasury Department, Wednesday, June 5, 2013. (AP Photo/David Goldman, File)

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.

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