WASHINGTON, June 7 (UPI) -- U.S. taxpayers can expect to receive $1.03 billion from the sale of General Motors Co. common stock, the Treasury Department said Friday.
The department said it agreed to sell 30 million shares and the United Autoworkers Retiree Medical Benefits Trust agreed to sell 20 million shares, for a total offering of 50 million shares, federal officials said.
Aggregate proceeds to retirement fund from the common stock offering are expected to be about $688 million.
GM repurchased 200 million shares of GM common stock from the Treasury Department in December. The department said at the time it would sell its remaining 300 million shares and fully exit its GM investment within the next 12-15 months, subject to market conditions.
After giving effect to this offering, Treasury officials said the agency will own about 189.2 million shares of GM common stock.
The Treasury Department's sale of its GM common stock is part of its efforts to wind down the Troubled Asset Relief Program.
When the current sale is concluded, taxpayers will have recovered $32.53 billion of the initial GM investment.
The Treasury Department has collected more than 95 percent -- $399.40 billion, including the anticipated proceeds from this offering -- of the $419.97 billion disbursed through TARP.
