Government Starts to Sell Remaining Stake in GM

Monday, 25 Feb 2013 11:28 AM

 

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The U.S. government has started to sell the rest of its stake in General Motors.

The Treasury Department says in a report to Congress that it sold $156.4 million worth of GM's common stock in January.

The report says the government has recovered about $29 billion of its $49.5 billion bailout of GM. That means it's just over $20 billion in the hole.

Details on the average share price will be revealed later, Treasury says in the report.

GM's stock ranged from $27.61 to $30.68 in January. At an average price of $29.15, the government would have sold about 5.4 million shares.

The government owned 300.1 million GM shares on Jan. 1. Treasury has said it will sell the rest by early in 2014.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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