Lazard hired by US Treasury Department for GM IPO

Article by Christian A., on August 27, 2010

Lazard Ltd. has been appointed by the US Treasury Department to give advice on an initial public offering of General Motors Co., according to a source familiar with the issue.

Last July, GM emerged from a government-sponsored bankruptcy after it received a $50 billion government bailout resulting to the US Treasury getting nearly 61% ownership of the company while Canada and the province of Ontario own close to 12%.

Several firms were interviewed by the Treasury for the advisory role. Greenhill & Co. and Perella Weinberg Partners were among those considered.

Lazard had actually recently worked with the UAW as the union negotiated its role in GM's restructuring. Lazard's senior banker, Felix Rohatyn, had been GM CEO Ed Whitacre's adviser in his years at AT&T Corp.

For the first 12 months or until the IPO is completed, Lazard will get $500,000 per month. The contract is for 18 months but it can be extended.

Last month, Whitacre had said after his meeting with Treasury Secretary Timothy Geithner and House of Representatives Speaker Nancy Pelosi that an IPO is possible later this year or in 2011. [via autonews]

Topics: gm, ipo, us treasury

If you liked the article, share on:

Comments

Recommended

British luxury automaker Aston Martin celebrates its new partnership with the Henley Royal Regatta sporting event by designing a one-off DB11 sports car that they recently revealed. The car explores...
by - June 28, 2017
The 2018 Dodge Challenger SRT Hellcat as we know, is the Demon's less powerful sibling, and there’s nothing wrong with that. But have you ever imagined how it would look...
by - June 28, 2017
Sorry Uber, but Handsome Cabs taxi company has something no one else can offer - a Lamborghini Huracan that can take their clients from Point A to Point B. This...
by - June 28, 2017
BMW saw a potential oil leak on the new M760Li, prompting them to recall the said vehicle last April. Today, a little over two months after issuing the first recall,...
by - June 28, 2017
Without a doubt, the SUV segment is getting increasingly more saturated. This month alone, we were greeted with city-oriented SUVs from the Kia Stonic to the Hyundai Kona, and now...
by - June 27, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries