GM To Buy Back 200M Government Shares

By: Associated Press Email
By: Associated Press Email

Stay up-to-date with KAKE News:

December 19, 2012

General Motors will spend $5.5 billion to buy back 200 million shares of its stock from the federal government.

The government also plans to sell its remaining stake in the automaker within the next 12 to 15 months.

GM will pay $27.50 per share, about $2 more than Tuesday's closing stock price.

The government got its shares of the company as part of a $49.5 billion bailout of GM that began nearly four years ago.

The bailout saved GM from collapsing into financial ruin.

The move leaves the government with 300 million shares. GM says the government plans to sell them on the open market starting in January.

The deal still leaves the government $21.5 billion short of breaking even on its investment.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KAKE TV 1500 N. West Street Wichita, KS 67203-1323 (316) 943-4221
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 184106361 - kake.com/a?a=184106361
Gray Television, Inc.