Business, Sci-Tech

General Motors to list on NYSE, TSX

By Andy Rice 18 August 2010

A source "close to the situation" confirmed that General Motors are planning to list on the New York Stock Exchange and the Toronto Stock Exchange after an initial public offering. The IPO is expected to raise close to $20 billion, making it one of the biggest IPOs ever. The US government currently holds 61% of GM shares after a $50 billion dollar bailout last year. If the sale of GM shares is really as successful as anticipated, the government will be able to sell the bail-out of GM to voters in the upcoming midterm elections, where the issue is sure to be contentious. Government says that it's nothing short of a coincidence that the IPO is planned to occur a few weeks before the midterm elections. Read more: Reuters

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