DETROIT (AP) — The U.S. government plans to sell another 30 million shares of General Motors stock in a public offering on Thursday as it speeds up efforts to divest itself from a stake in the auto giant that it got in a bailout four years ago.
The Treasury Department will set the price for the shares after the markets close on Thursday, with the sale taking place shortly thereafter. A United Auto Workers retiree health care trust fund will join the sale and sell 20 million shares, pushing the size of the offering to 50 million shares.
General Motors Co. stock fell 24 cents to $34.72 in trading early Wednesday, but it has seen huge growth recently. The stock hit $35.49 on Tuesday, the highest point since December of 2010, according to FactSet. Shares are up about 19 percent since the beginning of the year.
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