(Corrects headline to show Treasury selling 241.7 million
shares, not $247.1 million of shares)
WASHINGTON, May 6 (Reuters) – The U.S. Treasury will begin
another round of sales for General Motor stock acquired during
the government’s bailout of the auto sector, the department said
on Monday.
“We are pleased with the progress to date and will continue
exiting this investment in accordance with our previously
announced plan and timetable, and in a manner that maximizes
returns for taxpayers,” said Tim Massad, Treasury assistant
secretary for financial stability, in a statement.
In December, the Treasury said it would fully exit its GM
investments within the following 12 to 15 months, “subject to
market conditions.”
It gave no specific dates for the resumption of share
offerings.
(Reporting By Pedro Nicolaci da Costa; Editing by Chizu
Nomiyama)
