Michael J. de la Merced of The New York Times reports:
G.M. will return to the stock markets on Thursday, a year and a half after it filed for a quick government-sponsored bankruptcy to shed billions of dollars in debt and reshape its business.
The stock sale will also halve the Treasury Department’s stake to about 26 percent, speeding up the Obama administration’s effort to remove itself from G.M. That has also been a important goal for the company, which has long wanted to regain private ownership and shed the “Government Motors” label.
G.M. will sell 549.7 million common shares at $33 apiece, raising $18.1 billion by taking advantage of an overallotment option to cash in on bigger-than-expected demand. It will also sell 92 million preferred shares at $50 each, raising $4.6 billion.