GM Stock Soars As Company Announces Plan To Buy Back Half Of Government Stake

chevy cars

Photo: Courtesy of Chevrolet

General Motors stock price is surging.The Treasury Department confirmed the company would repurchase about 200 million shares still owned by the government for $27.50 a share, according to Dealbook.

This represent a little less than half of the Treasury’s entire stake.

The purchase price is about 6 per cent higher than GM’s Tuesday closing price, 

GM expects to buy the remaining shares within the next year to 15 months, depending on market conditions.

GM shares closed Tuesday at $25.49.

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