GM to file for IPO week of August 16

There had been an immense amount of speculation over the date of the much ballyhooed GM IPO, and it looks as if the time has finally arrived. Two people with direct knowledge of the preparations say that the registration with the SEC will be filed the week of August 16 of this year. The August filing time means that GM is aiming to have this thing completed before the November U.S. elections.

One of the sources who requested to remain anonymous as the closed-door preparations remain confidential, has also said that GM is still in talk with Bank of America, J.P. Morgan Chase, and Wells Fargo to set up dealer and consumer financing. The company announced on Thursday, its purchase of auto finance company AmeriCredit Corp. for $3.5 billion to form an in-house financing operation. Any additional financing partnerships will be complementary to whatever comes of the AmeriCredit situation.

The sources also report that Q2 earnings reports for the company will show a profit for the second consecutive earnings period.

The biggest shareholder in the company, the U.S. Treasury, plans to divest between 20-24 percent of its stake, as do the governments of Canada and Ontario, and the UAW healthcare trust, all of which are minority shareholders.

-By: Stephen Calogera

Source: Automotive News