GM Clarifies Chairman's Comments On IPO
General Motors has clarified comments Chairman Ed Whitacre made this week in San Antonio on the anticipated price of the company’s new initial public stock offering.
Whitacre sais the IPO would be set at between 20 and 25 dollars a share. But GM tells the Securities and Exchange Commission in a regulatory filing that a price range has not been established.
The automaker says Whitacre’s comments “were not intended and should not be considered as offering material.” GM has not officiallly announced a date or price for the IPO. It has been waiting for federal regulators to allow its plan to sell shares to move forward.
The U.S. government currently owns a 61 percent stake in GM. Company CEO Daniel Akerson has said it will take several stock sales over a few years for the government to fully recoup its investment.
(Copyright 2010 WWJ Newsradio 950. The Associated Press contributed to this story.}