U.S. interviewing Wall Street bankers to advise on GM IPO

Article by Christian A., on August 27, 2010

According to a Wall Street Journal report, the US Treasury Department is interviewing Wall Street bankers to advise the government on an initial public offering of General Motors Co.

The paper identified that the firms who are in the running to get this advisory role include Greenhill & Co, Lazard Ltd. and Perella Weinberg Partners. 

WSJ cited people familiar with these meetings; however, officials from the Treasury Department, GM, Greenhill and Lazard have yet to comment.

It can be recalled that GM emerged from a government-sponsored bankruptcy last July. The company had gotten a $50 billion government bailout that resulted to the US Treasury getting almost 61% ownership of the company while Canada and the province of Ontario own almost 12%.

Last month, CEO Ed Whitacre said that after meeting with Treasury Secretary Timothy Geithner and House of Representatives Speaker Nancy Pelosi, an IPO could be possible later this year or in 2011.

Previously, Whitacre had withdrawn from a 2010 timeline that predecessor, Fritz Henderson, had spearheaded.

This Monday, GM is expected to release its first-quarter results. Executives have said privately that earnings will be very strong, including an operating profit.

The WSJ claims that an IPO could still be several months away at the earliest. Before the bankruptcy filing, GM shares had traded on the New York Stock Exchange. [via autonews]

If you liked the article, share on:

Topics: gm, ipo, united states

Comments

Recommended

We’re willing to bet that the Bentley Bentayga is not the first thing that comes to mind for most people who are into off-roading and outdoor activities. It just doesn’t...
by - November 23, 2017
The other day, it was confirmed that Volvo will finally bring the XC40 to US soil, where it will first make an appearance at the 2017 Los Angeles Auto Show....
by - November 23, 2017
There is no question that the new BMW M5 (F90) high performance sports sedan is more powerful, faster and more enticing than the previous model. But for interested customers in...
by - November 23, 2017
Following the Tesla Roadster’s electrifying revelation on Thursday, Musk’s highly ambitious goals have skyrocketed when he tweeted about his future plans for the new sports car. Well, kind of. The...
by - November 23, 2017
Earlier in November at the 2017 SEMA Show in Vegas is when Hennessey unwrapped the Venom F5 to all of us. But it was actually first introduced as a concept...
by - November 22, 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