The plan the
The Treasury Department today said that it will sell all its stock in GM within 12 to 15 months and sell 40% of its stake within weeks, starting with a $5.5 billion deal for GM to buy back 200 million of its shares as soon as next month at $27.50 per share.
The government would have needed about $53 per share for its 26% stake to break even on the bailout. The deal negotiated with GM for the 200 million shares will cut the
GM's agreed-to buyback price of $27.50 per share is a 7.9% premium over Tuesday's closing price of $25.49. The company will record a $400 million charge on its balance sheet in the fourth quarter.
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