GM Offering Stock to Former, Current Employees

By: Associated Press
By: Associated Press

General Motors is offering its employees, retirees and car dealers a chance to buy shares in its initial public stock offering.

The automaker sent the offer letter to dealers and employees on Oct. 5. They have until Oct. 22 to sign up through a web site. GM is planning to hold the IPO in mid-November.

The letter does not state the price of each share or a sale date. It says individual workers, retirees and dealers must invest more than $1,000 to participate. The minimum and maximum number of shares a person can buy is being determined.

The government gave GM $50 billion to get through bankruptcy and got a 61 percent equity stake in return. The government hopes to get its money back by selling shares in the IPO.


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