The Treasury Department announced it will sell more General Motors Co (GM.N) stock acquired during the government bailout of the US auto industry to reduce the government’s stake in the number one US automaker.
An an additional 30 million shares of GM common stock in a public offering in conjunction with the company’s inclusion to the Standard & Poor’s 500 index on June 6.
The government still owns 241.7 million shares of common stock of GM And expects it will finish its exit in total by early next year. GM will rejoin the S&P 500 index (.SPX) on Thursday after the close of trading.
GM (GM.N) was kicked out of the S&P 500 the result of the company filing bankruptcy reorganization in 2009. GM shares closed at $34.96 on Tuesday, up 1.6%