FINANCIAL TIMES: The US auto industry took a key step towards ending more than four years of dependence on the US government when General Motors revealed on Wednesday it would pay $5.5bn to buy back 40 per cent of the Treasury stake in the carmaker.
The US Treasury would subsequently sell the 19 per cent stake in GM that it would retain after the transaction over the next 12 to 15 months in the open market, the company added.
According to the Treasury, the buyback means that the government has recouped $28.7bn of the $49.5bn it invested to stabilise and restructure GM in a complex process that started in 2008 and continued after GM’s 2009 bankruptcy… (more)
