WASHINGTON (AP) — The U.S. Treasury Department says it has set a price of $34.41 per share for the sale of 30 million shares of General Motors stock.
Treasury said the sale will result in aggregate proceeds to the government of $1.03 billion. A United Autoworkers retiree health care trust fund was selling 20 million of its GM shares as well, bringing total sales to 50 million shares.
Treasury set the price for its stock after the markets closed on Thursday. GM stock closed Thursday at $34.44 per share.
The public offering will help accelerate the government's exit from GM stock, which it got in exchange for a $49.5 billion government bailout of the company in 2008 and 2009.