G-M: For Sale
Posted Nov 18, 2010 03:40:58 AM.
This article is more than 5 years old.
DETROIT – This morning one of the great corporate comebacks of all time is expected to really get their motors running.
General Motors, the mammoth automaker that so many pundits predicted would soon be extinct, is making its historic return to the stock markets.
Due to the red hot demand, G-M even had to expand its initial public offering of common shares by 31 per cent to 478 (m) million.
Most common stock will be priced at 33-dollars a share by the U-S government, which is seeking to unload its 61 per cent stake in G-M.
The Canadian and Ontario governments are also selling some of the stock they acquired as part of the same bailout process.
And there’s a potential for profit here, as the governments bought the shares for 15-dollars a piece.
Industry Minister Tony Clement says Ottawa will try to maximize the return for taxpayers by going with a balanced approach for its divestment strategy.
