June 21, 2024
General Motors

GM must decide soon on a lead bank to sell shares publicly

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According to some “inside sources” General Motors and the US Treasury are expected to already have chosen a lead bank for the carmaker’s initial public offering as early as this following week.

General Motors Logo
General Motors Logo

Since GM’s Ed Whitacre is eagerly expecting public listing, the report claims that GM, which is majority-owned by the US government, would have to decide soon on an underwriter so that it can sell shares by the fourth quarter.

The same sources state that when it comes to the bank selection, the Treasury, which partially funded the carmaker’s restructuring last year, is likely to have a bigger influence than the company itself.

As far as confirmation for these statements are concerned, GM spokesman Randy Arickx said that he doesn’t know of any upcoming decision and the Treasury Department has neither confirmed nor denied this report.

From another source there is wind of a meeting in Washington between the two entities and senior executives from Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley were the issue on the plate was just this one of finding a lead underwriter.

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