General Motors is expected to file papers to begin the process of selling stock to the public as soon as Wednesday. The filing will include a plan to sell preferred as well as common shares, The Wall Street Journal reported, citing sources familiar with the matter.
The stock offering would allow the U.S. government to unload its 61% stake in the auto giant after last year's $50 billion government bailout. Both GM and the government are eager to relieve the automaker of its government-owned status.
The decision to offer preferred as well as common stock would allow Treasury to unload its shares of stock more quickly, the Journal reported. The move to offer preferred shares was reported earlier by Bloomberg News.
The filing with the Securities and Exchange Commission will outline GM's business plan, including risks to the company, and include detailed financial statements. The stock sale would occur later this year.
The registration statement, known as an S-1, was expected as early as last Friday, but is believed to have been delayed by the announcement last week by GM CEO and Chairman Edward Whitacre that he will be stepping down from those posts as soon as Sept. 1. News outlets reported GM needed additional time to tweak the filing to include language that addresses any risks associated with Whitacre's departure.
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