GM pays U.S. Treasury $2.1 billion for preferred shares

GM pays U.S. Treasury $2.1 billion for preferred shares

Automotive News | December 15, 2010 – 2:46 pm EST

WASHINGTON (Reuters) — General Motors Co. has completed the buyback of the government’s holdings of GM preferred stock issued in the automaker’s bailout for $2.1 billion, the U.S. Treasury Department said today.

The repurchase brings GM’s total repayments to U.S. taxpayers to $23.1 billion, including $13.5 billion received from the automaker’s initial public offering last month, the Treasury said.

The government has invested a total of about $49.5 billion in GM, which was steered through a government-sponsored bankruptcy in 2009.

The GM Series A preferred stock buyback, agreed in October at $25.50 a share, reduces the Treasury’s holdings in GM to about 500 million shares of GM common stock, or around a 33 percent stake.

As of this afternoon, that stake would be worth about $16.88 billion.

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