GM to Buy Back Remaining Shares of Stock from Government
General Motors has announced they will buy back the remaining 40% stake, or 200 million shares, held by the U.S. Treasury Department.
According to the Detroit News, GM will pay $5.5 billion which comes to $27.50 per share. That price is roughly $2 above the stock’s closing price on Tuesday.
The announcement comes four years to the day that former President George W. Bush announced he would save the troubled automaker, along with fellow automaker Chrysler, with a $17.4 million bailout.
The Obama administration said it plans to exit the automaker completely in March 2014.