GM Estimates IPO At $13B

Law360, New York (November 3, 2010, 6:47 PM EDT) -- General Motors Co. revealed further details of its planned initial public offering on Wednesday, including a stock valuation that could generate up to $13 billion for the recovering auto manufacturer.

Stockholders, including the U.S. Department of the Treasury, would sell 365 million shares of common stock at $26 to $29 per share, the Detroit automaker said in a filing with the U.S. Securities and Exchange Commission.

Following the IPO, the Treasury Department would reduce its stake in GM to 43.3 percent, or just over 40 percent...
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