General Motors Co (GM) has added Bank of America, Merrill Lynch and Citigroup Inc to the slate of its lead underwriters for its initial public offering (IPO), two sources familiar with the situation said on Friday.
The initial paperwork for the IPO is now expected to be lodged with the US Securities and Exchange Commission sometime early next week, several sources familiar with the situation said.
The filing was originally expected on Friday, but was delayed because the company had to update its prospectus with the recent chief executive officer change and a management risk factor, another source familiar with the situation said on Friday.
Bank of America, Merrill Lynch and Citi will join JPMorgan Chase & Co and Morgan Stanley as lead underwriters, the first two sources said.
JPMorgan and Morgan Stanley, who were picked as lead underwriters on the GM IPO earlier this year, helped the automaker prepare the paperwork for the IPO; Bank of America and Citi led the US$5 billion credit facility that GM recently completed in preparation for its IPO, the sources said.
All the sources declined to be named because preparations for the IPO have not yet been made public.
GM’s prospectus will not provide the number of shares to be sold or the pricing range.
It will cite the company’s bankruptcy, steps completed in restructuring, financial projections, details of ownership and a large set of risk factors, sources have said.
GM is now adding a new risk factor regarding the departure of chief executive officer Ed Whitacre and increased uncertainty about the automaker’s long-term leadership, one of the sources said.
Whitacre said on Thursday he would step down and Dan Akerson would take over, effective next month
By filing initial paperwork with the securities commission next week, GM is aiming to complete its IPO between late October and the US Thanksgiving holiday, another source familiar with the matter said.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
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New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last