The US government is preparing to sell its remaining shares in automaker General Motors, four years after rescuing the Detroit automaker in a $51-billion bailout, the Treasury Department announced on Thursday.
The Government has been reducing its share in GM bit by bit. That will continue with the launch of a plan to sell the 31.1 million shares of the company that it still owns, the department said.
“If average daily trading volumes continue at recent levels, (the) Treasury anticipates that it will complete the sale of its remaining shares by the end of the year,” a Treasury Department statement said.
“However, that schedule remains subject to market conditions.”
The Department also said Thursday that its third predefined trading plan, involving the sale of 70.2 million shares of GM common stock, was complete. The Treasury Department now has recouped a total of $38.4 billion of its $51-billion investment.
The US government’s investment in GM and Chrysler in 2009 was part of President Barack Obama’s response to the financial crisis. The two automakers have emerged from bankruptcy and are now profitable.