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11-17-2010, 07:01 PM #1
GM prices shares at $33 each; U.S. will get $13.6 BILLION
GM prices shares at $33 each; U.S. will get $13.6B from IPO
Updated 3m ago
By Tom Krisher, AP Auto Writer
DETROIT — General Motors says its common stock will sell for $33 a share when its initial public offering takes place Thursday.
The IPO brings the U.S. government closer to getting back part of the $50 billion it gave GM to help it through bankruptcy protection last year.
NOT FOR ALL: Offering leaves out most small investors
MORE ON THE IPO: Earlier news of GM's plans
The government will sell 412 million shares and get $13.6 billion. It will still have about 500 million shares, or about 33% of GM. It would have to sell them for $53 a share, or $26.4 billion, for taxpayers to get back their $50 billion back.
The government and other GM owners will sell 550 million shares starting Thursday. The IPO will be worth up to $18.2 billion, making it one of the largest in U.S. history.
http://www.usatoday.com/money/autos/201 ... cing_N.htmNO AMNESTY
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