June 5, 2013 at 8:25 am
Treasury, UAW health care trust will sell 50 million shares of GM stock
| Detroit News Washington Bureau
Washington — The U.S. Treasury said Wednesday it plans to sell 30 million additional shares of General Motors stock in a new public offering in conjunction with GM’s return to the S&P 500 index on Thursday.
The United Auto Workers Retiree Medical Benefits Trust — which holds about 14 percent of GM — will also participate by selling 20 million shares, making the total offering size 50 million shares. It represents about 12 percent of Treasury’s outstanding GM stock.
From The Detroit News: http://www.detroitnews.com/article/20130605/AUTO0103/306050039#ixzz2VLikSrsj