19 Aug 2010

General Motors applies for stock exchange listing

1:34 pm on 19 August 2010

General Motors has applied to list on the New York and Toronto stock exchanges in what is expected to be the second largest share listing in US history.

General Motors (GM) is 61%-owned by the United States government and hopes to list by the end of October.

Analysts believe the company could raise between $US12 billion and US16 billion, the BBC reports.

It means the US Treasury can begin selling the stake it took after last year's $US50 billion bailout of the carmaker.

Last week, GM reported second-quarter profits of $US1.6 billion, its biggest profit in six years.