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GM announces share sale

General Motors has announced a share sale, overcoming a key hurdle towards paying back the $50 billion (£32bn) bailout by US taxpayers that saved it from bankruptcy.

GM has filed for an initial public offering of up to $100 million, although the maximum that it could seek to raise is likely to be around $20bn analysts say.

The company is 61% owned by the taxpayer after the Obama administration stepped in with the controversial bailout in June 2009 and the IPO means it can start selling some of its stake.

Trading is expected to start in October or November.

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