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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation, Financials, Investment, Market

GM IPO said to seek $10.6 bln to cut U.S., Canada stakes

Posted on 02 November 2010

From Bloomberg: General Motors Co. plans to raise as much as $10.6 billion in an initial public offering. As many as five sovereign wealth funds are likely to purchase as much as $2 billion of stock in the offering, one of the people said. Investment bankers for GM met with the funds and private investors in the Middle East and Asia to gauge interest in the offering, two people familiar with the meetings said last month.
GM, 61 percent owned by the U.S. Treasury Department, will offer 365 million shares at $26 to $29 each, according to the people, who asked not to be identified because the plans are private. The automaker will also offer $2 billion to $3 billion of preferred shares that later will become common stock, said the people…………………………………….Full Article: Source


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