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GM set to plan IPO for mid-November
DETROIT, (UPI) -- Private U.S. automaker General Motors Co. is readying itself for an initial public offering set for mid-November, sources told the Detroit Free Press.
The company is planning a daylong meeting Tuesday in Detroit to discuss plans for the sale, which is expected to raise at least $10 billion, the newspaper said.
That would make it one of the largest IPOs in U.S. history. Four others since 1999 have generated $5 billion or more, including Visa, earning $19.7 billion in 2008, and AT&T Wireless Group, which earned $10.6 billion in 2000.
GM has yet to decide how to handle substantial holdings by the United Auto Workers Union trust fund and the U.S. government, which owns 60.8 percent of the company and $2.1 billion in preferred shares.
Treasury Department officials have said they would accept a loss on its $50.7 billion GM investment as President Barack Obama has said divesting itself of auto industry shares, including its 9.9 percent stake in Chrysler Group, was a high priority, the newspaper said.
DETROIT, (UPI) -- Private U.S. automaker General Motors Co. is readying itself for an initial public offering set for mid-November, sources told the Detroit Free Press.
The company is planning a daylong meeting Tuesday in Detroit to discuss plans for the sale, which is expected to raise at least $10 billion, the newspaper said.
That would make it one of the largest IPOs in U.S. history. Four others since 1999 have generated $5 billion or more, including Visa, earning $19.7 billion in 2008, and AT&T Wireless Group, which earned $10.6 billion in 2000.
GM has yet to decide how to handle substantial holdings by the United Auto Workers Union trust fund and the U.S. government, which owns 60.8 percent of the company and $2.1 billion in preferred shares.
Treasury Department officials have said they would accept a loss on its $50.7 billion GM investment as President Barack Obama has said divesting itself of auto industry shares, including its 9.9 percent stake in Chrysler Group, was a high priority, the newspaper said.