GM to buy back 200 mil. shares
By TOM KRISHER AP Auto Writer December 19, 2012 8:08AM
Updated: December 19, 2012 9:38PM
DETROIT — General Motors, trying to clear the stigma of being partly owned by the U.S. government, will spend $5.5 billion to buy back 200 million shares of its stock from the treasury.
The government, in turn, promised to sell its remaining 300 million shares on the open market starting in January, and get out of the company’s business within the next 12 to 15 months.