GM Buying Back U.S. Shares in Company

By Dave Leval

GM Buying Back U.S. Shares in Company

December 19, 2012 Updated Dec 19, 2012 at 9:35 AM EDT

DETROIT, MI (My TV20 News at 10) ---The Obama Administration is getting out of the automotive industry.

GM announced early Wednesday morning it will begin buying back the U.S. Government's shares in the automaker in January.

It will take nearly 15 months to purchase the 200 million shares held by the Treasury Department.

GM will spend $5.5 billion in the deal, or $27.50 per share.

That price represents a nearly eight-percent return over Tuesday's closing price.

What are your thoughts CLICK HERE to leave us a "My2Cents” comment.

© Copyright 2014 A Granite Broadcasting Station. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.