Treasury, UAW health care trust will sell 50 million shares of GM stock
The U.S. Treasury said Wednesday it plans to sell 30 million additional shares of General Motors stock in a new public offering in conjunction with GM’s return to the S&P 500 index on Thursday.
The United Auto Workers Retiree Medical Benefits Trust — which holds about 14 percent of GM — will also participate by selling 20 million shares, making the total offering size 50 million shares. It represents about 12 percent of Treasury’s outstanding GM stock.
Treasury to Sell MBS Holdings Up to $10 Billion a Month
The U.S. Treasury Department plans to wind down its $142 billion portfolio of agency-guaranteed mortgage-backed securities by selling about $10 billion in holdings per month. The sales will start this month and be subject to market conditions, the department said today in a statement. Bloomberg’s Lizzie O’Leary reports
U.S. Treasury, UAW trust to sell 50 million shares of GM stock
The U.S. government and the UAW retiree health care trust plan to sell a total of 50 million shares of General Motors stock this week, accelerating the automaker’s exit from government ownership.
The Treasury Department announced this morning that it would sell 30 million shares in a public offering tied to GM’s return to the Standard & Poor’s 500 Index, which is expected to happen after the market closes Thursday.