U.S. Treasury says plans to exit GM stake by year end


WASHINGTON -- The U.S. Treasury Department said today it had completed the sale of 70.2 million shares of General Motors stock and planned to sell its remaining 31.1 million shares by year-end, depending on market conditions.

“If average daily trading volumes continue at recent levels, Treasury anticipates that it will complete the sale of its remaining shares by the end of the year,” the department said in a statement. “However, that schedule remains subject to market conditions.”

The shares were acquired as part of the U.S. government's bailout of the automaker.