Staff Writer - CheersandGears.com
September 18, 2012
The U.S. Treasury said no to a plan from General Motors to sell their remaining shares in the company according to a report from the Wall Street Journal.
Earlier in the summer, GM floated a plan to the Treasury department to purchase the remaining 200 million shares the Treasury hold. Under the plan, the Treasury would sell the remaining shares through a public stock offering.
The Treasury wasn't so thrilled with GM's plan, citing major losses to the Government if they sold at GM's current stock price. However, people familiar with the situation tell the Journal that the Treasury could sell if the share price was in the thirty dollar range.
Source: Wall Street Journal (Subscription Required)
William Maley is a staff writer for Cheers & Gears. He can be reached at firstname.lastname@example.org or you can follow him on twitter at @realmudmonster.