News Alert: G.M. Shares Said to be Priced at $33, Raising More Than $22 Billion in Biggest U.S. Initial Offering

Breaking News Alert
The New York Times
Wed, November 17, 2010 -- 4:38 PM ET
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G.M. Shares Said to Be Priced at $33, Raising More Than $22 Billion in Biggest U.S. Initial Offering

General Motors has set the offering price for its shares at
$33 each, raising more than $22 billion and setting a record
for the largest initial public offering in American history,
people briefed on the matter said on Wednesday.

The offering will cut the government's stake in the company
by more than half, to about 26 percent, and speed up the
Obama administration's efforts to remove itself entirely from
the company, a goal that G.M. has also avidly sought. Strong
demand for the company's shares allowed a larger amount of
the government's stake to be sold than originally expected.

G.M. will return to the stock market as a public company on
Thursday morning, almost 18 months after it filed for
government-directed bankruptcy protection to shed billions of
dollars in debt and reshape its business. The government's
stake in the company stemmed from that intervention, which
injected $49 billion in public money into the company; $7
billion has since been repaid.

Read More:
http://dealbook.nytimes.com/2010/11/17/g-m-prices-its-shares-at-33-in-return-to-stock-market/?emc=na

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