General Motors Files for IPO That Will Reduce Treasury’s Stake

Bloomberg Businessweek reports:

General Motors Co. filed for an initial public offering that may be the second-largest American IPO in history and reduce the U.S. to a minority investor.

GM, 61 percent owned by the government, didn’t disclose the number of shares that will be offered or the price range in a statement filed today with the U.S. Securities and Exchange Commission. The automaker will not sell any common shares itself while offering preferred shares alongside the IPO, the filing showed.