GM Free of U.S. Control Underscores Industry Comeback
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A profitable General Motors Co. is poised to shake off a half decade of U.S. government oversight next month, underscoring the comeback of a once-moribund industry and gaining leeway over a $26.8 billion cash pile that it can use to lure talent while weighing a dividend.
The U.S. Treasury Department expects to sell its remaining 31.1 million GM common shares by year-end, depending on market conditions, the government said yesterday. The exit would end restrictions on pay for top executives that the largest U.S. automaker has said hampered recruiting.