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GM files paperwork for initial public offering

(2010-08-18 15:28:29) 下一个
破产之后一样再去骗钱,而且明目张胆是最大

DETROIT/NEW YORK — General Motors Co filed for an initial public offering of stock on Wednesday, clearing a key hurdle toward repaying taxpayers for a controversial bailout just over a year after its bankruptcy.

The automaker said it planned to list the shares on the New York Stock Exchange and the Toronto Stock Exchange after its initial public offering.

Morgan Stanley, JPMorgan, Bank of America Merrill Lynch and Citigroup Inc have been selected as the lead underwriters for the IPO by the top U.S. automaker.

The IPO, intended to repay a portion of the automaker\'s U.S. government bailout, has been dubbed Project Dawn, said a source, who declined to be named because certain details of the IPO process remained private.

GM\'s initial filing with U.S. securities regulators did not say how many shares would be sold or give an expected price range for what will likely be one of the biggest IPOs ever.

The automaker filed for an IPO of up to $100 million. That does not represent the full amount that GM hopes to raise, people familiar with the situation have told Reuters. GM could raise up to $20 billion in its IPO, making it one of the biggest IPOs ever, the people said.

Trading in GM shares is expected to start between late October and the U.S. Thanksgiving holiday, which is the fourth Thursday in November, according to people involved in the process. A stock offering in late October would mean trading would start just before the November congressional elections.
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