GM

Treasury yet to determine price and timing of GM share sale

Reuters News
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Posted: Jun 01, 2011 1:39 PM
Treasury yet to determine price and timing of GM share sale

WASHINGTON (Reuters) - The Treasury has yet to determine a target price or timeframe for selling its remaining shares in General Motors Co, a White House official said on Wednesday.

Ron Bloom, the Obama administration's point man for auto restructuring, also told reporters the government would likely wind up selling its small stake in Chrysler to Italy's Fiat SpA

"We are committed to exiting these stakes," Bloom said, adding that the government still expects to lose billions on the 2009 auto industry rescue.

Taxpayers own a third of GM and roughly 6 percent of Chrysler, stakes gained in return for bailout and bankruptcy financing.

(Reporting by John Crawley; Editing by Derek Caney)


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