Wednesday, December 19, 2012

GM Plans to Buy Back 200 Million Shares from the U.S. Treasury for US$5.5 Billion

When should one sell their stocks? Well, that’s a question faced by each and every stock holder around the globe. The U.S. Department of the Treasury, which after the 2009 bailout, owns 32 percent of General Motor stock, has been deliberating the issue for some time and decided to take action today.
GM and the U.S. Treasury both announced on Wednesday that the former plans to buy back 200 million shares of its common stock for the price of US$27.50 per share, for a total of US$5.5 billion. The price agreed is, as GM notes, 7.9 percent above the closing price on December 18.

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