General Motors Company plans to release information on its second quarter results on Thursday, August 12. Many analysts are going to closely watch the results as GM’s CEO Edward Whitacre has been pretty vocal about his desire to file an initial public offering as soon as possible.
According to sources that spoke with CNBC, the underwriters leading GM”s public stock offering are hoping to file a preliminary prospective as early as this Friday, though the actual pricing of the deal won”t take place for what may be several months.
Speaking at the Center for Automotive Research”s Management Briefing Seminars in Traverse City, Michigan, Whitacre said that everyone at GM is eager to shed the “Government Motors” label that has stuck with the automaker every since it came out of bankruptcy. Whitacre said that the IPO will be big enough to allow the government to sell enough of its 60.1 percent stake in the company.
– By: Omar Rana