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GM Announcing Plans For Public Offering

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GM Announcing Plans For Public Offering

Business

GM Announcing Plans For Public Offering

GM Announcing Plans For Public Offering

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GM is announcing plans for its long-awaited public offering. The company hopes to raise about $10 billion. Taxpayers took control of GM in a government rescue last year. The company has gone through bankruptcy, shed thousands of jobs and revamped its operations, resulting in higher sales and a return to profitability. The feds plan to sell a large portion of their stake and give up control of the company after the IPO, which could come as soon as Nov. 17.

RENEE MONTAGNE, host:

NPR's business news starts by taking stock of General Motors.

(Soundbite of music)

MONTAGNE: GM is announcing plans today for its long-awaited public offering. According to news reports, the company hopes to raise about $10 billion and shed a nickname - government motors. Taxpayers took control of GM in a government rescue last year. Since then the company has gone through bankruptcy, shed thousands of jobs, and revamped its operations. That's paid off with higher sales and a return to profitability. The Feds plan to sell a large portion of their stake and give up control of the company after the IPO, which could come as soon as November 17th.

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