General Motors back from the brink and set for $20bn flotation |
| The Guardian - Aug 18, 2010 |
America's biggest carmaker, General Motors, has taken the first step towards a stock market flotation barely a year after struggling through bankruptcy, in a move that will allow Barack Obama's government to win political capital by recouping some of the billions in public money pumped into the company.
GM last night filed an official application, called an S-1 document, with the Securities and Exchange Commission that paves the way for one of the largest public share offerings in US history. GM did not reveal the pricing of its shares, but the company is likely to seek to raise between $10bn (£6.4bn) and $20bn in capital.
Rejoining the New York Stock Exchange, with a likely dual listing in Toronto, will help GM to shake off its "government motors" nickname. The company, which owns brands such as Chevrolet, Cadillac, Vauxhall and Opel, was rescued from oblivion by $50bn in government aid last year, and the US treasury now owns 61% of its stock. The flotation could cut this to below 50%.
Read Full Article from The Guardian
- Posted: 2010-08-18 21:50:17
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