DETROIT -- General Motors this week announced it has commenced a public stock offering.
The offering will consist of 365 million shares of common stock to be sold by certain of its stockholders. GM also will issue 60 million shares of its Series B mandatory convertible junior preferred stock with a liquidation amount of $50 per share. The estimated price range for the offering of common stock is $26 to $29 per share.
Industry analysts say the move brings GM a significant step closer to repaying its government bailout loan and regaining independence.
