Treasury to sell 30 million shares of GM stock

A worker helps to load brand new Chevrolet Spin multi purpose vehicles onto a truck at the General Motors Indonesia manufacturing facility in Bekasi, West Java, Indonesia, Wednesday, May 8, 2013. GM launched the $150 million facility that employs 700 people and will have an annual production capacity of 40,000 vehicles on Wednesday. The U.S. automaker said that 20 percent of production will be exported to Thailand and the Philippines, with the rest sold in Indonesia. (AP Photo/Tatan Syuflana)

WASHINGTON (AP) — The Treasury Department says it will sell an additional 30 million shares of General Motors stock this month in its on-going effort to dispose of all of its remaining shares of the giant automaker acquired as part of the government’s bailout of GM.

Treasury said Wednesday that it would sell its shares in conjunction with the sale of 20 million shares of GM stock held by the UAW Retiree Medical Benefits Trust, bringing the total size of the sale to 50 million shares.

In December, Treasury sold 200 million shares of GM stock back to the company. At that time, Treasury announced that it intended to sell its remaining 300 million shares of GM stock into the market by early 2014.

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