Treasury Selects JPMorgan (JPM), Citi (C) to Run $5.5B GM (GM) Share Sale
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JPMorgan (NYSE: JPM) and Citigroup (NYSE: C) are just a touch higher in late trading Wednesday following headlines earlier that the two would be spearheading quite a stock sale.
The U.S. Treasury tapped both of the financial giants to run the sale of 200 million General Motors (NYSE: GM) shares. In total, the sale is valued at about $5.5 billion, or $27.50 per share.
Following the sale, the U.S. Treasury will hold about 300 million shares, which it plans to unload within the next 15 million. General Motors made the announcement about the 200 million share sale back in December.
The U.S. Treasury tapped both of the financial giants to run the sale of 200 million General Motors (NYSE: GM) shares. In total, the sale is valued at about $5.5 billion, or $27.50 per share.
Following the sale, the U.S. Treasury will hold about 300 million shares, which it plans to unload within the next 15 million. General Motors made the announcement about the 200 million share sale back in December.
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