Treasury to sell last of GM stake by year's end

The U.S. Treasury is planning to sell its remaining 2.2 percent stake in General Motors Co. (NYSE: GM) by the end of 2013, according to Fox News.

After the government provided GM with $49.5 billion in loans in 2009 in exchange for a 61 percent equity stake and $2.1 billion in preferred stock, it slowly has reduced its ownership in the company during the past three years. So far, it has recouped $38.4 billion, according to the report.

The sale of GM’s 31.1 million shares, which follows the recently completed sale of 70.2 million shares under its third round of selling, marks a faster-than-expected exit for the government, due in part to the company’s stock performance this year.

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