Government hires banks to hold GM stock sale

The US Treasury Department has hired JPMorgan Securities and Citigroup Global Markets to sell its remaining stake in General Motors and bring an end to almost four years of partial US government ownership of the car maker.

The government, which got its stake in a US$49.5 billion bailout of the company in 2009, still holds 300 million shares of GM common stock, giving it 19 per cent of the auto giant. Treasury officials revealed hiring JPMorgan and Citigroup on Wednesday in documents posted on the department’s website.

via Business feed http://www.scmp.com/business/companies/article/1129993/government-hires-banks-hold-gm-stock-sale