GM Said to Prepare IPO Plan With Treasury Selling 20%

General Motors Co. is preparing for an initial public offering that may sell 20 percent of the Treasury’s stake in the automaker and reduce the U.S. to a minority owner, said two people familiar with the plan.

The aim is to sell a fifth of the government’s 304 million shares, said the people, who asked not to be identified revealing private discussions. That would reduce the Treasury Department’s stake to less than 50 percent from 61 percent now. Final decisions on which owners will sell how many shares haven’t been made and may change, the people said.