The Treasury sold 358M shares of General Motors (GM) in the automaker's IPO, raising $11.8B and...

|About: General Motors Company (GM)|By:, SA News Editor

The Treasury sold 358M shares of General Motors (GM) in the automaker's IPO, raising $11.8B and reducing its stake to just under 37% - but if underwriters exercise options to cover overallotment, the total Treasury sale will be 412M shares for $13.6B and a stake reduction to 33.3%. The agency now reportedly plans to reduce - but not eliminate - its oversight role, and it agreed to a six-month lockup, which will dictate whether it will break even on a $40B investment.