Treasury picks adviser for General Motors IPO
Treasury picks adviser for GM IPO
The Treasury Department has hired Lazard Freres & Co. as its adviser to prepare for an initial public stock offering for General Motors.
Treasury signed the agreement Monday but did not reveal it until Friday. The agreement says that Lazard Freres will be paid $500,000 a month over the next year for the advice it provides the government.
The Treasury owns 61 percent of General Motors, which it obtained when it swapped about $43 billion of its $50 billion bailout of the automaker for an ownership stake. The IPO would allow the government to begin recouping its investment.
GM chief executive Edward E. Whitacre Jr. has said he expects an IPO in late 2010 or early 2011.
-- Associated Press
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