April 18 (Bloomberg)--the Treasury Department will wait for the results of the first quarter of General Motors Co. before deciding to sell more automaker's shares, said a person familiar with the case.
The Treasury may sell part of its remaining shares of 500 million GM, which is equal to the property of 33 per cent from May 22. Officials are awaiting results of gains in the first quarter of GM and see what is happening in the stock when the holders in the company of predecessor of GM bankruptcy will receive shares as partial compensation for their lossessaid the person, who did not want to be identified, because the plans are not public.GM fell to 19 percent this year in return for New York and 9.3% of its initial public offer price. While the Treasury may be ready to take a loss on the shares, which closed today at $29.97, the administration of Obama is looking for a price which is at least of the order of $33 IPO pricesaid the person. The Government would need to sell the shares at about $53 each profitability of investment.The Treasury Board may file to sell the shares with a traditional deposit S-1 after a blocking period expires on 22 May. The Securities and Exchange Commission would examine the offer as an introduction on the stock market, which could delay the actual sale until June, said the person.If the Department is waiting until July 1, the Government would be able to sell the shares with a less thorough examination and that he would get the offer to start faster. In this case, likely Treasury would be expected that the Detroit-based GM said profit in the second quarter before selling more stock, delaying the sale until August, said the person.Later OfferingsThe Treasury can take a third offer of the shares in November or December and did not need all the shares sell this year, the person said.Members of working group for the car of the Department met the Secretary of the Treasury Timothy f. Geithner, who would decide on any sale of shares of GM, to discuss a possible secondary offering synchronization, the person said.The Treasury, belonging to 61% of GM after his bailout 2009 manufacturer's car, sold the shares equal to a set of 28 per cent over the introduction on the stock exchange. In a January interview, Ron Bloom, who was the head of the Working Group of the automobile industry, the administration of the Obama at the time of the introduction on the stock exchange, said that the Government wanted to sell its shares in GM "as soon as possible."-Editors: Kevin Orland, Chris Wellisz.
To contact the reporters on this story: David Welch in Southfield, Michigan, at dwelch12@bloomberg.net; Rebecca Christie in Washington at rchristie4@bloomberg.net.
To contact the responsible editors of this story: Kevin Orland to korland@bloomberg.net; Chris Wellisz to the cwellisz@bloomberg.net
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