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GM Files for IPO to Cut Treasury’s Stake One Year After Bailout

General Motors Co. filed for an initial share offering that will mark the return of what was once the world’s largest automaker to public markets a year after it was bailed out by the government.

GM, 61 percent owned by the U.S. Treasury, didn’t disclose the number of shares that will be sold in the initial public offering or the price in a statement filed with the Securities and Exchange Commission yesterday. The automaker won’t sell any common shares itself while offering preferred shares alongside the IPO, the filing showed. The government will sell some of the common shares it owns in GM, according to the filing.