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GM to start road show to attract investors Nov. 3

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GM to start road show to attract investors Nov. 3



General Motors has tentatively timed the start of its road show to promote its initial public stock offering for Nov. 3, the day after U.S. congressional elections, a person familiar with the plan said.

The road show, a series of meetings to woo U.S. and overseas investors, will last two to three weeks, the person said.

GM is seeking to return to the stock market so the U.S. government can begin to sell off some of the 61% stake it received in GM after sponsoring its 2009 bankruptcy. GM Chairman Ed Whitacre has said the automaker wants to begin paying back taxpayers as soon as possible to remove GM's "Government Motors" stigma, which might be hurting sales.

GM is waiting to hold the road show until the Securities and Exchange Commission has approved the IPO registration GM filed last month, the person said, but market conditions will determine the final dates for the road show and stock offering. The Obama administration has not been involved with determining the timing, the person said, despite some expectations that GM would try to go public ahead of the Nov. 2 elections.

Read more: GM to start road show to attract investors Nov. 3 | freep.com | Detroit Free Press http://www.freep.com/article/20100902/BUSINESS0101/9020630/1210/Business01/GM-to-start-road-show-to-attract-investors-Nov.-3#ixzz0yNLQGRrX

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