(AP) – The Treasury Department plans to sell its remaining stake in General Motors over the next 15 months, allowing the automaker to shed the stigma of being partly owned by the U.S. government.
GM agreed to buy 200 million shares of its stock from the government for $5.5 billion. The government agreed to sell its remaining 300 million shares by early 2014.
The government got the stock back in 2009 in exchange for a $49.5 billion bailout designed to save the company, which was at risk of running out of money. Once the buyback is complete, the Treasury will have recovered more than half of the bailout funds. But taxpayers are still are likely to lose billions of dollars.
A look at some of the major steps taken by GM and the government:
_ April 2010: GM repays $6.7 billion in loans to the government. GM pays $800 million in dividends and interest over time.
_ November 2010: Government gets $13.5 billion from GM initial public stock offering.
_ December 2010: GM buys $2.1 billion of its preferred stock from the government.
_ December 2012: GM and Treasury officials announce deal to end government stake in the company.
Sources: GM, Treasury Department, AP Archives.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Water tips to save money, help save the Earth
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick
- CrossFit dangers: 5 common injuries and how to deal with them
- Today's radiation treatments offer better success, fewer side effects
- Tips to make watching TV on the patio even better
- What really happens when you donate to a community college?
- Sun and skin cancer: Separating fact from fiction
- 5 critical lifestyle changes for a healthy colon
- What you need to know about Alzheimer's disease in Arizona
- Spring clean your windows like a pro with these 8 tips
- 7 films that should have won best-picture Oscars
- New plumbing technology saves money and improves your home
- Survey shows Arizona CFOs optimistic about 2016
- How chronic pain can affect your love life
- 5 potential warning signs about your child's development