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U.S. Treasury Said to Wait to Sell GM Stock Until After July

The U.S. Treasury Department has opted to hold off on selling more shares in General Motors Co. until after July as it waits for the stock to climb, said two people familiar with the decision.

The Treasury, which owns 33 percent of GM, can file as soon as May 22 for a secondary offering. Such a process requires a lengthy review by the Securities and Exchange Commission, so the department will wait until it can use an S-3 filing as soon as July 1 that allows for shares to be sold more quickly, said the people, who asked not to be identified revealing private plans.