WSJ: Feds turned down GM request to sell its remaining shares [w/video]
GM proposed the buyback plan to the Treasury Department, earlier this year.
The Treasury currently holds a 26.5-percent stake in GM, or roughly 500 million shares. WSJ reported Friday that the government would stand to lose about $15 billion if it sold all of its GM stock for the roughly $24 the shares now command. Further, the share price would need to $53 before the Treasury would be able to break even on its investment in the automaker.
The newspaper did report that the Treasury might be willing to sell off its GM assets if the share price was in the $30-range.
Check out some more commentary about the situation from WSJ, in the video below.
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