General Motors (GM) is planning to sell shares in an initial public offering during the week of August 16, 2010, Reuters reports. GM’s biggest shareholder, the U.S. Treasury, which owns nearly 61% of the automaker, may sell between 20 percent and 24 percent of its stake.
United Auto Workers healthcare trust, which owns 17.5 percent of GM, and the Canadian and Ontario governments, which own 11.7 percent, may sell the same share of their holdings as the U.S. government. The automaker is also in discussions with Bank of America, JPMorgan Chase and Wells Fargo for getting dealer and consumer financing.
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