Treasury Launches Third Phase of Plan to Sell GM Stake

The U.S. Treasury launched on Thursday the third phase of its plan to sell its stake in General Motors Co, the U.S. automaker that took a government bailout in 2009.

Treasury officials offered few details of the sale in a statement on Thursday. The U.S. government currently has 101.3 million shares in GM, amounting to a 7.3 percent ownership stake in the No. 1 U.S. automaker.

The U.S. government originally took a 60.8 percent stake in GM as part of its $49.5 billion bailout. In December 2012, Treasury outlined a plan that would allow it to exit GM fully in 12 to 15 months.