GM Bailout: Company Buying Back 200 Million Shares
Published at
Bill Pugliano/Getty Images(DETROIT) — General Motors has reached a milestone following its government bailout. The automaker announced Wednesday that it will buy back 200 million shares from the U.S. Treasury Department.
The company will be paying about $5.5 billion for the stock.
The government will still own about 300 million shares of the automaker, but GM plans to buy those as well in the near term.
The government spent almost $50 billion to bail out the company four years ago.
Copyright 2012 ABC News Radio