US government sold off more GM stock

AP, DETROIT, Michigan

Thu, Sep 12, 2013 - Page 15

The US government is getting closer to selling all of its General Motors Co (GM) stock.

The Treasury Department said in its August report to Congress yesterday that it sold US$811 million worth of GM common stock last month.

The report says the government has recovered about US$35.4 billion of the US$49.5 billion bailout it gave the Detroit automaker. That means taxpayers are still US$14.1 billion in the hole.

The Treasury says the price per share of stock sold in July and last month will be revealed later.

GM stock sold in a range of US$33.50 to US$37.18 last month. At the midpoint of US$35.34, the government would have sold roughly 23 million shares. In July, the government sold US$877 million worth of stock. At the midpoint of US$35.56, it would have sold roughly 25 million shares.

That would leave it with an estimated 186 million shares. Those would have to sell for around US$76 each for the government to break even, more than double the current trading price.

GM shares closed on Tuesday up US$0.52, or 1.4 percent, at US$37.