Big Three, Gm | featured news

General Motors on Wednesday finalized terms for a stock offering of about $13 billion to repay a controversial taxpayer-funded bailout and reduce the Treasury to a minority shareholder.

The upcoming initial public offering of General Motors Co will be open to the widest possible range of investors, including both overseas funds and U.S. retail buyers, the U.S. Treasury said on Friday.

How long it takes for the government to divest its holdings in General Motors will, in part, be determined by the company’s success, G.M.’s chief executive said.

The annual package includes $1.7 million in salary and a mix of stock, some part of a long-term incentive plan.

But Chrysler Group said its August sales rose 7 percent thanks to the Jeep Grand Cherokee.

General Motors Co is unlikely to file for its initial public offering on Tuesday, three people familiar with the situation said.

General Motors Co has completed the paperwork for an initial public offering, and timing of its filing with the U.S. securities regulators rests with the board of the top U.S. automaker, sources familiar with the process said on Monday.

The carmaker has begun taking orders for the plug-in vehicle, which is expected to be at dealers in November.

Automaker says problem with a heated windshield wiper fluid system could lead to a fire.

The U.S. Treasury and General Motors Co may select a lead underwriter for an initial public offering for the automaker as early as next week, Bloomberg News reported on Saturday.