Big moves ahead for GM General Motors Co. will take major strides in the coming days in its 16-month march from bankruptcy to the New York Stock Exchange.
Over the next week to 10 days, GM is expected to take three big steps: release third-quarter earnings, set a price range for its initial public stock offering, and embark on a global marketing push to court investors.
GM's underwriters and the U.S. Treasury Department, which is the company's majority owner, may announce as early as Monday how many shares the government intends to sell in the IPO, as well as set a starting price range, The Detroit News has learned. A final share price will be set shortly before the company goes public with its stock, which is expected in mid-November.
The United Auto Workers' health care trust fund, which holds a 17.5 percent stake, also is expected to sell some of its shares, as are the Canadian and Ontario governments, which own 11.7 percent of GM, a source has told The Detroit News.
The automaker also expects to post its third consecutive quarterly profit this week or early next, building upon a $2.2 billion profit in the first half of the year -- showing "significant" results, a person briefed on the matter said.
Auto sales are looking up. GM and other automakers report U.S. sales for October on Wednesday with analysts predicting it could hit a seasonally adjusted annual rate of 12 million. Detroit News
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