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Government starts to sell remaining stake in GM

Published on NewsOK Modified: February 25, 2013 at 11:00 am •  Published: February 25, 2013

DETROIT (AP) — The U.S. government has started selling its remaining General Motors stock as it moves to end four years of partial ownership of the Detroit automaker.

The Treasury Department said in its January report to Congress that it sold $156.4 million worth of GM common stock last month.

The report, dated Feb. 11, says the government has recovered about $29 billion of its $49.5 billion bailout of GM. That means it's just over $20 billion in the hole on the bailout.

Details on the average share price will be revealed later, Treasury says in the report.

GM's stock ranged from $27.61 to $30.68 in January. At the midpoint of that range, $29.15, the government would have sold about 5.4 million shares.

The government owned 300.1 million GM shares, or 19 percent of the company, at the start of the year. Treasury has said it will sell the rest by early in 2014, depending on market conditions. Treasury would not reveal specific details of the sales plan or provide further information on timing.

Breaking even would require selling the remaining 300 million shares for an average of about $70 each — more than double the current trading price.

GM shares were down 48 cents, or 1.8 percent, to $26.63 in midday trading Monday.

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