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In a series of moves that pave the way for an IPO and strengthen its finances, General Motors Co. said on Thursday it would repay $2.1 billion to U.S. taxpayers and make early payments to pension and retiree health plans.
The announcement comes just days before bankers are expected to begin a road show for potential investors in an initial public offering that would allow the U.S. government to start to reduce its stake in the top U.S. automaker.
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From The New York Times | The wind farm developer First Wind has shelved its plans for an initial public offering after cutting its offering price by nearly 25 percent.
Wind farm owner and operator First Wind Holdings Inc., which is planning a $300 million IPO for next week, may be a risky bet in the current energy climate.
The Boston-based company, mostly owned by private equity firm Madison Dearborn and hedge fund operator D.E. Shaw foresees rapid growth. By 2014, First Wind plans to have 1900 megawatts in operation or under construction. One megawatt produces enough power to meet the electricity needs of 800 typical American homes. Get the full story »
General Motors is clarifying comments made earlier this week by Chairman Ed Whitacre about the automaker’s expected initial public offering.
Whitacre told reporters in San Antonio on Wednesday that GM’s IPO would take place sometime in November and shares would be priced from $20 to $25 per share. Get the full story »
General Motors Co. will allocate up to 5 percent of the common stock to be sold in its initial public offering for its employees, retirees and dealers, the automaker said Thursday. Get the full story »
Shares of General Motors Co. are likely to be priced between $20 and $25 in the initial public offering by the automaker in November, Chairman Ed Whitacre said on Wednesday.
“It’s a little too early to say, but it is going to be somewhere in the $20 range…$20, $25, something like that would be my guess,” Whitacre said when asked what the price of the GM stock should be in the IPO. Get the full story »
General Motors Co. likely will seek to raise $8 billion to $10 billion through an initial public offering in November, less than it initially planned, Bloomberg News reports reported Thursday, citing two people familiar with the matter. Get the full story »
Chinese automaker and General Motors Co. partner SAIC said Monday it is paying close attention to GM’s upcoming stock sale, but gave no hint over whether it plans to take a stake itself.
GM executives in the U.S. and China likewise refused comment on reports that the automaker is in talks with its state-owned joint venture partner SAIC about buying a stake in the Detroit company through its initial public offering. Get the full story »
The U.S. government is likely to take a loss on General Motors Co. in the first offering of the automaker’s stock, six people familiar with preparations for the landmark IPO said. Get the full story »
General Motors Co. took a big step toward repaying a controversial taxpayer-funded bailout by declaring plans for a landmark stock offering that represents a critical test for the Obama administration.
The automaker said it planned to list the shares on the New York Stock Exchange and the Toronto Stock Exchange in an initial public offering that comes amid a still-weak global market for cars that is vulnerable to a further downturn.
The Obama administration wants to be able to cast its $50 billion GM bailout as a financial success in the face of public skepticism and Republican political opposition but some analysts are still wary of the offering. Get the full story »
General Motors Co. will list its shares on the New York Stock Exchange and Toronto Stock Exchange after its initial public offering, a source familiar with the situation said on Wednesday. The IPO, intended to repay a portion of the automaker’s government bailout, has been dubbed “Project Dawn,” the source said. Get the full story »
General Motors Co is considering selling a chunk of the carmaker’s stock to institutions who would commit to buy and hold major stakes as the company prepares for its initial public offering, people familiar with the discussions said on Monday.
GM is mulling a plan under which sovereign wealth funds or pension funds would serve as “cornerstone investors,” a technique often used for large initial public offerings to show that key investors are supporting the deal, four people said.
“It’s on the table and would be part of the normal course of the IPO,” one of the sources said, asking not to be named because the preparations for the IPO are private. Get the full story »
General Motors Co. will have four lead underwriters on its IPO, according to a source familiar with the situation.
They will be Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley, the source said. JPMorgan and Morgan Stanley helped the automaker prepare the paperwork for the IPO. Get the full story »
General Motors Co. could file paperwork for its initial public offering as soon as Friday, CNBC reported Wednesday. The U.S. automaker is expected to file for an IPO worth up to $20 billion. At that size, it would be the biggest U.S. IPO since Visa Inc’s $19.7 billion offering in March 2008 and one of the biggest IPOs of all time. Get the full story »
