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Aug 6, 2013

CARMAKERS NEWS * USA & Canada

* Canada - Government said to seek bankers for sale of GM stake 

Ottawa,ONT,CAN -Bloomberg News, by Theophilos Argitis -August 1, 2013: -- Canada’s government has begun a search for investment banks to sell its stake in General Motors Co., a person familiar with the matter said... The government hasn’t decided on the timing of any sale, said the person, who asked not to be identified because the plans aren’t public. Sky News reported Wednesday that Canada has asked investment banks to make pitches in coming days for the share-sale mandate... Finance Minister, Jim Flaherty, said in December Canada doesn’t intend to be a long-term shareholder in Detroit-based GM. The federal and Ontario governments together hold 140 million common shares, or a 10 percent stake, worth about $5.1 billion at the current stock price, according to data compiled by Bloomberg. Canada is the third-largest shareholder, behind the U.S. Treasury and the GM-UAW Voluntary Employee Beneficiary Association... In June, the U.S. Treasury said it agreed to sell 30 million shares of its GM stock at $34.41 per share. GM rose 0.90 percent to $36.19 at 9:40 a.m. in New York and has gained 26 percent this year... 


* DC - UAW trust fund to sell off warrants to buy GM stock 

Washington,DC,USA -The Detroit News, by David Shepardson -August 5, 2013: -- The United Auto Workers retiree health care trust fund on Tuesday plans to auction off up to 45.4 million warrants to purchase General Motors Co. stock. It received those warrants as part of the Detroit automaker’s 2009 bankruptcy restructuring... The UAW trust could reap up to $340 million in the sale if all of the warrants are acquired at the maximum price. It’s the latest move by the trust to exit its investment in GM... The warrants allow the trust to acquire shares of GM stock at $42.31 at any time on or before Dec. 31, 2015. GM stock closed at $36.75 on Monday, so the warrants are currently “in the red.” When the stock price rises above the warrant price, it can be exercised at a profit...


* DC - UAW trust to receive $171 million from sale of GM warrants

Washington,DC,USA -The Detroit News, by David Shepardson -August 7, 2013: -- The United Auto Workers health care trust is expected to receive $171 million from the sale of warrants in General Motors it received as part of the automaker's 2009 restructuring, GM said Wednesday... The price is near the low end of what the trust said it was willing to sell the warrants. The trust is selling 45.4 million warrants that allow the buyer to acquire shares of GM stock at $42.31 at any time on or before Dec. 31, 2015. GM stock closed at $35.96 on Tuesday... Some large Wall Street investors may want to acquire the warrants in order to be able to acquire GM shares down the road without having to lay out significant funds now. GM’s stock has jumped by 27 percent this year — trading as high as $37.71, the highest price since January 2011...


* Michigan - GM cuts plug-in Volt's price by $5,000


(Photo from GM: 2013 Chevrolet Volt) 
Detroit,MICH,USA -The Detroit News, by David Shepardson -August 6, 2013: -- General Motors Co. is slashing the price of its plug-in hybrid Chevrolet Volt by $5,000, making it the latest automaker to lower prices of electric vehicles in the face of lagging consumer demand... The Detroit-based automaker said it will cut the base price 12.5 percent, from $39,995 to $34,995. The price cut comes just weeks after the automaker announced a $5,000 give-back on the 2012 Volt and $4,000 on the 2013 model... The first Volt, a 2010 model, cost $41,000... Volt sales in July were 3.3 percent lower than July 2012, totaling 1,788. For the first seven months of the year, they are up 9.2 percent from the same period in 2012, to 11,643. Sales jumped in June after GM introduced the new incentives...

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