AM Online

GM to register for flotation next month, say reports

News agency Reuters reports that General Motors plans to file its registration for an initial public offering during the week of August 16.

The agency cites two sources involved in the preparations to float the new GM which will reduce the US Government's ownership of it following its $50bn state bailout.

It says GM hopes to complete its IPO before November.

The carmaker said it will buy motor finance company AmeriCredit Corp for $3.5bn to form the core of a new captive finance operation.

GM sold its previous captive finance house, GMAC, in 2006.

If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Comment as guest


Login  /  Register

Comments

No comments have been made yet.