*from www.bloomberg.com, Mar. 12, 2013 (To view original article click here.)
Take Away #1: The U.S. Treasury, which is exiting its ownership stake in General Motors Co. (GM) accelerated its sell-down of the automaker in February.
Key Facts and Figures:
- In February, the U.S. Treasury raised $489.9 million in proceeds from the sale of common shares of GM.
- The Treasury received $159.4 million from selling GM shares in January.
Take Away #2: The U.S. is moving to exit within the next 12 months its $50 billion investment in GM.
Key Facts and Figures:
- The GM investment was the biggest segment of an auto industry bailout.
- The rescue drew criticism from Republican officials.
- The number of GM shares sold and average price per share will be disclosed when each pre-arranged trading plan is completed.
Take Away #3: GM Share Buyback moves U.S. closer to exiting the auto bailout.
Key Facts and Figures:
- GM in December purchased 200 million of its shares for $5.5 billion form the treasury.
- After that transaction, the Treasury was left holding about 300 million shares or 19% on a fully diluted basis, and said it planned to sell its entire holding within 15 months.
- GM has climbed 11% since Dec. 18, the day the company disclosed the share purchase form the Treasury, through yesterday.
- The S&P 500 Index increased 7.6% during that span.
- GM rose 0.4% to $28.42 at 9:35 a.m. in New York.
*To view original article from www.bloomberg.com click here.