GM Stock Sale Near

By: Associated Press
By: Associated Press

A person familiar with the matter says General Motors Co. is likely to file paperwork next week that describes the plan to sell shares to the public.

The person says the company planned to file on Friday but delayed the move because it made two major announcements on Thursday. GM announced that CEO Edward Whitacre would step down as CEO Sept. 1 and be replaced by board member Daniel Akerson. It also reported a $1.3 billion second-quarter profit.

The person says GM's board has not decided the date of the stock sale. The person did not want to be identified because the company is not commenting on the sale.

GM got $50 billion in aid from taxpayers last year in exchange for 61 percent of the company. A stock sale would repay at least some of that investment.

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