DETROIT — General Motors Co. is preparing for an initial public offering that would sell 20 percent of the Treasury's stake in the automaker and reduce the U.S. to a minority owner, said two people familiar with the plan, Bloomberg news is reporting.

GM has invited financial analysts, potential investors and other members of the financial community to Warren, Mich., next week to review its business performance ahead of an initial public stock offering expected late this year, the Detroit Free Press reports.

The company is aiming to sell one-fifth of the government's 304 million shares, Bloomberg reports.

An August filing means GM could have the IPO ready around the time of the Nov. 2 congressional elections, Bloomberg reports.