MenuMENU
SearchSEARCH

GM Starts Program to Let Workers, Retirees Buy Shares in Initial Offering

October 12, 2010
1 min to read



General Motors Co., the largest U.S. automaker, started a program to allow workers, retirees, dealers and directors in the U.S. and Canada to buy shares in its planned initial public offering, Bloomberg reported.


Participants can register for the program by mail postmarked by Oct. 19 or sign up online by Oct. 22, according to a website run by GM and Morgan Stanley Smith Barney, which will administer the program. Pete Ternes, a GM spokesman, confirmed the website’s authenticity.


The minimum investment for the program is expected to be $1,000, according to the website. The minimum and maximum number of shares that will be allowed is still being determined, the website said. The Detroit Free Press reported the worker-retiree share program earlier.


GM, 61 percent owned by the U.S. Treasury Department, will seek to raise $8 billion to $10 billion in an IPO in November, a smaller sale than the automaker originally targeted, two people familiar with the matter said in September. The price of the shares hasn’t been set.


Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. will lead the offering, according to a Sept. 23 regulatory filing. Barclays Plc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc., Royal Bank of Canada and UBS AG were also listed as underwriters.


More Industry

Industryby StaffJanuary 6, 2026

Black Book: Weekly Market Update

The market analyst is preparing its 2026 forecast but expects a generally strong year based on observed late 2025 activity.

Read More →
gray Ford F-150 parked outside
Industryby Lauren LawrenceJanuary 6, 2026

Ford Holds Best-Seller Status in Used Market

The Detroit-area automaker's F-150 remains the No. 1 used vehicle and the best-selling used truck on the market, but it's falling in popularity on a state-by-state basis.

Read More →
Industryby Hannah MitchellJanuary 6, 2026

2026 Forecast Partly Cloudy

Cox Auto projects a modest fall from last year’s roller coaster sales that were sparked partly by consumers beating policy-powered prices. More volatility could be on the horizon.

Read More →
Ad Loading...
Protective Life Corporation building
Industryby StaffJanuary 6, 2026

Protective Expands Reach With F&I Acquisition

Protective Life Corp. closed its acquisition of F&I company Portfolio Holding Inc., expanding its Asset Protection Division across the automotive, RV, power sports and marine sectors.

Read More →
Vintage convertible driving along a desert highway, capturing the freedom and cultural impact of early American car travel.
IndustryJanuary 1, 2026

Driving America Forward

As America turns 250, explore how the automotive industry shaped jobs, culture, innovation, and mobility from Detroit assembly lines to today’s EV era.

Read More →
Industryby StaffDecember 23, 2025

Black Book: Weekly Market Update

Despite the week's softening conditions, the market analyst said demand for used vehicles showed in competitive bidding for newer units in better condition.

Read More →
Ad Loading...
Industryby Lauren LawrenceDecember 23, 2025

In-Vehicle AI Predicted to Spike

Frost & Sullivan expects a $238 billion market opportunity for the technology in automobiles by 2030 as AI applications shift to more mass-market applications.

Read More →
Industryby Hannah MitchellDecember 23, 2025

December Doldrums

A consumer index finds continued declines in both outlook and current conditions sentiment across nearly all demographics as big-ticket spending plans fall.

Read More →
Industryby StaffDecember 17, 2025

A Jolly Holiday Season From BBM to our Audience

The editorial team wishes you a respite from your labors and a new year full of success.

Read More →
Ad Loading...
electric vehicles charging at a station
Industryby Lauren LawrenceDecember 17, 2025

Gas Drivers Least Likely to Shop Electric

Non-EV drivers show a decreased interest in future EV buying, according to CDK.

Read More →