U.S. Treasury raises $570.1 mln selling more GM stock


DETROIT, Oct 11 (Reuters) - The U.S. Treasury said it soldanother $570.1 million worth of General Motors Co commonstock last month as it moved toward exiting its holdings in theautomaker by the end of March 2014.

Treasury said in documents filed online on Thursday that asof the end of September it had recovered about $36 billion fromits $49.5 billion bailout, which helped the No. 1 U.S. automakerget out of bankruptcy in 2009.

On Sept. 26, Treasury launched the third phase of a plan tosell its GM stake, which once stood at 60.8 percent. When itoutlined its exit plan in December 2012, Treasury said it wouldsell all its GM shares in 12 to 15 months.

Treasury did not disclose how many shares it recently sold,but said its stake stood at about 7 percent. At the end of thesecond phase of trading, it owned 101.3 million shares, or 7.3percent.

Treasury officials have said the government will lose $15billion on the $85 billion auto industry bailout that includedChrysler, but said the intention was to save jobs, not make aprofit.

The U.S. taxpayer bailout led some critics to dub thecompany "Government Motors," and executives said the stigma hurtsales some.

GM Chief Executive Dan Akerson has said the end of theTreasury stake would bring closure to the bailout and remove theperception of government ownership among customers.

Analysts have speculated that Treasury's exit could beearlier than expected and that once the entire stake is sold theautomaker may consider reinstating a dividend on the commonshares. A common stock dividend has not been paid since May2008.

GM executives have said they will focus on reinvesting incompany operations.

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