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Treasury: GM will pick timing of stock offering

By AP

WASHINGTON –

The Obama administration says General Motors, not the government, will determine when the automaker will conduct a public stock offering, which could happen later this year.

The Treasury Department says in a statement Thursday it expects to sell some of its 61 percent stake in GM when the automaker goes public. The initial public offering could happen as early as October.

The government is trying to recoup some of the $50 billion it used last year to rescue GM. It is unclear how much taxpayer money will eventually be recovered.

The administration has long stressed that it is not involved in GM's business decisions. GM will choose the banks that underwrite the deal but Treasury says it will determine the fees to be paid to the banks.

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