U.S. Treasury Sells Nearly $500M of GM (GM) Stock in February

March 12, 2013 10:28 AM EDT
General Motors (NYSE: GM) is higher on Tuesday's session following reports that the U.S. Treasury took further steps to unload its stake in the venerable automaker.

According to market data and the Detroit Free Press, the Treasury sold about $489.9 million worth of GM stock last month. With shares of GM trading in the $26 to $28 range, the total number of shares might be around 18 million.

Last December, the Treasury announced plans to sell a large chunk of its investment in GM, while GM said it would repurchase 200 million of its own stock. The time line currently pegs the Treasury exiting its stake by late 2013 to early 2014.

The Treasury originally invested $49.5 billion as GM entered chapter 11 bankruptcy following the financial meltdown in 2008 - 2009.

Shares of GM are about 0.7 percent positive in morning trade.

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