I’ll leave the editorializing to others, since my held-close-to-my-vest opinions run against the grain here. But despite the naysayers that said it would never happen, or at a lower price, it did; or will very soon. And at a price that values GM roughly the same or more (depending on final price) in total market capitalization as Ford. The short-version details: GM will sell about $10 billion in common stock and $3.45 billion in preferred shares. The US Treasury will sell 263.5 million shares, which comes out to about $7 billion. That will reduce its stake in GM to 43%. The UAW will sell 71 million shares, and the Canadian and Ontario governments will sell 30.5 million shares. GM press release here. Now the really big question: Are you going to buy? Here’s my answer:I am. But since I don’t want to create a conflict of interest as a journalist; I’ll mail my single share to RF. I’m sure he’ll appreciate it more.
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