No More "Government Motors"

GM to Buy Back Shares

By Peter Neumann

GM to Buy Back Shares

December 19, 2012 Updated Dec 19, 2012 at 1:44 PM EDT

DETROIT, MI (My TV20 News at 10) ---The Obama Administration is getting out of the automotive industry.

GM announced early Wednesday morning it will begin buying back the U.S. Government's shares in the automaker in January.

It will take nearly 15 months to purchase the 200 million shares held by the Treasury Department.

GM will spend $5.5 billion in the deal, or $27.50 per share.

That price represents a nearly eight-percent return over Tuesday's closing price.

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