WASHINGTON –
Today, the U.S. Department of the Treasury announced that it took the next step
in its plan to sell its approximately 300.1 million remaining shares of General
Motors (GM) common stock with the initiation of a pre-arranged written trading
plan.
Under the plan, Treasury will
proceed with its December 2012 announcement that it intends to sell its shares
into the market in an orderly fashion and fully exit its remaining GM
investment within the next 12-15 months, subject to market conditions. That
previous announcement was made in connection with GM’s repurchase of 200
million shares of GM common stock from Treasury, which was also completed in
December 2012.
Treasury’s sale of its GM common
stock is part of its continuing efforts to wind down the Troubled Asset Relief
Program (TARP). To date, Treasury has already recovered nearly 93 percent ($387
billion) of the funds disbursed through TARP ($418 billion).
There will be opportunities for
smaller broker dealers, including women and minority-owned broker dealers, to
participate in the sale of Treasury's remaining GM common shares pursuant to
the plan.
This press release shall not
constitute an offer to sell or the solicitation of an offer to buy any shares
of GM common stock.
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