GM Raises Stock Offering Price to $33 a Share

Initial price was $26-$29 per share

From an initial price between $26 and $29 per share, General Motors said on Nov. 16 that it has raised the price range for its initial offering of common stock to between $32 and $33.

The announcement came as the auto giant prepared to take a leap away from government control with a sale of some 365 million shares of common stock -- one of the largest in U.S. history.

GM is re-entering the stock market after it was forced into a state-backed bankruptcy reorganization in June 2009, reducing the government's stake and continuing the company's rehabilitation.

Copyright Agence France-Presse, 2010

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish