Treasury to begin selling remaining $241.7 million stake in GM


The U.S. Treasury will begin another round of sales for General Motor stock acquired during the government's bailout of the auto sector, the department said on Monday.

"We are pleased with the progress to date and will continue exiting this investment in accordance with our previously announced plan and timetable, and in a manner that maximizes returns for taxpayers," said Tim Massad, Treasury assistant secretary for financial stability, in a statement.

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In December, the Treasury said it would fully exit its GM investments within the following 12 to 15 months, "subject to market conditions."

It gave no specific dates for the resumption of share offerings.

(Reporting By Pedro Nicolaci da Costa; Editing by Chizu Nomiyama)