Treasury, UAW to sell more GM shares now
The U. S. Treasury Department has announced plans to sell off another thirty million shares of GM company.
In expectation of General Motor's return to the S and P 500 index later this week, the United States. Treasury announced on midweek that it will divest another thirty million shares of General Motor stock, or about twelve percent of its remaining position in the Detroit automaker. In Addition, the UAW's RMBT (Retiree Medical Benefits Trust) will sell off twenty million shares of General Motor stock before the automaker returns to the S and P 500 on later this week.
Through the first 90 days of-the year, the United States Treasury sold off about 20% of its staying General Motors position. The FG(federal government) at the present time owns sixteen and a half percent of General Motors company, down from a sixty and a half percent share following the $49.5 billion bailout of the automaker four years ago.
The government formerly said that it could leave General Motors ownership by March 2014, yet this week's sell off could indicate an acceleration of such strategy.
"The gifted selldown by the authorities must be considered positively," RBC Capital analyst Joseph Spak told The Detroit News. "We consider (the Treasury departure) could be faster --- maybe by the end-of the full year."
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