GM to buy 200 million shares back from US Treasury

. General Motors announced in a press release today that it plans to buy 200 million shares of its own common stock back from the US Department of the Treasury, for $27.50 per share – some $5.5 billion in total. The transaction is expected to close before the end of the year. The move by the Treasury marks a significant first step in a plan to divest itself of GM holding entirely over the course of the next 12 to 15 months, "subject to market conditions."

After this large buyback, the Treasury will still hold some 300 million shares of the automaker's stock – roughly equal to a 19-percent stake.

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