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William Maley Staff Writer - CheersandGears.com October 29, 2013 Fiat has become the sole owner of VM Motori after paying General Motors 34.1 million Euros ($47.1 million) to buy out its stake in the company. A Chrysler spokesman tells Automotive News that the transaction was completed yesterday. VM Motori currently supplies diesel engines for the Jeep Grand Cherokee and Ram 1500. VM Motori manufactures approximately 90,000 engines per year for automotive, marine, industrial and other uses. The company employs around 1,150 people. Chrysler executives have said they'll be watching how consumers react to the new diesels and make decision on whether to expand diesels to other models. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
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William Maley Staff Writer - CheersandGears.com October 29, 2013 Fiat has become the sole owner of VM Motori after paying General Motors 34.1 million Euros ($47.1 million) to buy out its stake in the company. A Chrysler spokesman tells Automotive News that the transaction was completed yesterday. VM Motori currently supplies diesel engines for the Jeep Grand Cherokee and Ram 1500. VM Motori manufactures approximately 90,000 engines per year for automotive, marine, industrial and other uses. The company employs around 1,150 people. Chrysler executives have said they'll be watching how consumers react to the new diesels and make decision on whether to expand diesels to other models. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
William Maley Staff Writer - CheersandGears.com July 9, 2013 Yesterday, Fiat exercised its option to purchase another 3.3 percent of Chrysler shares from the UAW's VEBA retirement fund. This brings Fiat's current share of Chrysler to 68.49 percent. This is the third time that Fiat has purchased shares from VEBA. Last July and earlier this year, the Italian automaker purchased 3.3 percent of the VEBA shares. Fiat CEO Sergio Marchionne wants to buy up the remaining shares so Fiat can have full control of the company and hopefully help curb the large losses the Italian automaker is currently experiencing. That doesn't look like it will happen anytime soon. Currently, Fiat and VEBA are in court to try and reach agreement on buying the remaining shares. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
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William Maley Staff Writer - CheersandGears.com July 9, 2013 Yesterday, Fiat exercised its option to purchase another 3.3 percent of Chrysler shares from the UAW's VEBA retirement fund. This brings Fiat's current share of Chrysler to 68.49 percent. This is the third time that Fiat has purchased shares from VEBA. Last July and earlier this year, the Italian automaker purchased 3.3 percent of the VEBA shares. Fiat CEO Sergio Marchionne wants to buy up the remaining shares so Fiat can have full control of the company and hopefully help curb the large losses the Italian automaker is currently experiencing. That doesn't look like it will happen anytime soon. Currently, Fiat and VEBA are in court to try and reach agreement on buying the remaining shares. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
William Maley Staff Writer - CheersandGears.com June 5, 2013 The U.S. Treasury said today it plans to sell an additional 30 million shares of General Motors stock (about 12 percent) in anticipation of GM's return to the S&P 500 on Thursaday. In addition, the UAW Retiree Medical Benefits Trust announced they would be selling 20 million shares. During the first three months of the year, the U.S. Treasury sold off about 20 percent of its remaining GM stake. Currently, the Treasury holds 16.4 percent of GM, down from a 60.8 percent share in 2009. The Treasury has said previously they plan to sell off all of their shares by 2014. But with this announcement this week, analysts think the Treasury is accelerating their plan. "The sale is opportunistic given the recent S&P500 inclusion announcement, which we estimate requires a 85.4mm share buy. The accelerated sell-down by the government should be viewed positively. We believe (the Treasury exit) could be quicker — perhaps by the end of the year," said RBC Capital analyst Joseph Spak. Source: The Detroit News William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
By William Maley Staff Writer - CheersandGears.com February 26, 2013 The U.S. Treasury has began to sell off its remaining shares in General Motors, with a goal of selling it all by next March. Currently the U.S. Treasury owns more than 300 million shares in the auto maker, or about a 19% stake. In a statement, the Treasury said it "intends to sell its shares into the market in an orderly fashion and fully exit its remaining GM investment within the next 12-15 months, subject to market conditions." The Detroit News says the U.S. Treasury has recouped $29 billion from its $49.5 billion bailout to GM. To break even, the U.S. Treasury would need to get $72 per share, which will likely not happen. At this moment, GM's share price is $26.80. This would result in a $12 billion loss. Source: The Detroit News William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
William Maley Staff Writer - CheersandGears.com December 19, 2012 General Motors announced today that they will be buying back 200 million shares of stock from the U.S. Treasury. The buyback will cost GM about $27.50 per share - about $5.5 billion in total. GM says the $27.50 share price represents a 7.9% premium over the closing price on December 18. The share buyback is expected to close by the end of December. After this buyback, the Treasury will still hold close to 300 million shares of the automaker's stock – roughly equal to a 19% stake. Treasury officials say they will begin to sell off the rest of their shares as early as next month, "through various means and in an orderly fashion." The Treasury plans to sell all of its GM shares over the next 12 to 15 months. “This announcement is an important step in bringing closure to the successful auto industry rescue, it further removes the perception of government ownership of GM among customers, and it demonstrates confidence in GM’s progress and our future,” said Dan Akerson, chairman and CEO of GM in a press release today. Source: GM, U.S. Treasury William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 GM to Buy Back Stock from U.S. Treasury Department U.S. intends to fully exit GM investment within 12-15 months 2012-12-19 DETROIT - General Motors today said it will purchase 200 million shares of GM common stock held by the U.S. Department of the Treasury for $5.5 billion, or $27.50 per share. The share buyback is part of the Treasury’s plan, also announced today, to fully exit its entire holdings of GM stock within 12 to 15 months, subject to market conditions. Treasury has announced its intention to sell its remaining shares of common stock into the market through various means and in an orderly fashion. Treasury intends to begin its disposition of its remaining shares as soon as January 2013, consistent with a pre-arranged written trading plan. In addition, Treasury has agreed to relinquish certain governance rights that were included in the U.S. Treasury Secured Credit Agreement with GM. “This announcement is an important step in bringing closure to the successful auto industry rescue, it further removes the perception of government ownership of GM among customers, and it demonstrates confidence in GM’s progress and our future,” said Dan Akerson, chairman and CEO of GM. Dan Ammann, senior vice president and CFO added, “A fortress balance sheet has been a pillar of GM’s financial strategy and has enabled us to undertake today’s actions. GM’s balance sheet will remain very strong, with estimated liquidity of approximately $38 billion at the end of 2012, following the closing of the share buyback.” The repurchase price of $27.50 per share represents a 7.9 percent premium over the closing price on December 18, 2012. The share buyback is expected to close by the end of the year. This transaction will be accretive to earnings per share, as GM’s total shares outstanding on a fully diluted basis will be reduced by approximately 11 percent. In association with this share buyback, GM expects to take a charge of approximately $400 million in the fourth quarter, which will be treated as a special item. After the repurchase, Treasury will continue to own approximately 300 million shares of GM common stock, or approximately 19 percent of the outstanding shares on a fully diluted basis. Government ownership of GM stock was the result of the auto industry rescue that began under President George W. Bush in 2008 and which was expanded by President Barack Obama in 2009. The industry in general, and GM in particular, have rebounded sharply since the rescue. Since the rescue, GM has announced investments of more than $7.3 billion in the U.S. and created or retained more than 20,000 jobs. “We come to work every day grateful that taxpayers from the US and Canada stepped forward to rescue our industry, and determined to show this extraordinary help was worth it,” Akerson said. View full article
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William Maley Staff Writer - CheersandGears.com December 19, 2012 General Motors announced today that they will be buying back 200 million shares of stock from the U.S. Treasury. The buyback will cost GM about $27.50 per share - about $5.5 billion in total. GM says the $27.50 share price represents a 7.9% premium over the closing price on December 18. The share buyback is expected to close by the end of December. After this buyback, the Treasury will still hold close to 300 million shares of the automaker's stock – roughly equal to a 19% stake. Treasury officials say they will begin to sell off the rest of their shares as early as next month, "through various means and in an orderly fashion." The Treasury plans to sell all of its GM shares over the next 12 to 15 months. “This announcement is an important step in bringing closure to the successful auto industry rescue, it further removes the perception of government ownership of GM among customers, and it demonstrates confidence in GM’s progress and our future,” said Dan Akerson, chairman and CEO of GM in a press release today. Source: GM, U.S. Treasury William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 GM to Buy Back Stock from U.S. Treasury Department U.S. intends to fully exit GM investment within 12-15 months 2012-12-19 DETROIT - General Motors today said it will purchase 200 million shares of GM common stock held by the U.S. Department of the Treasury for $5.5 billion, or $27.50 per share. The share buyback is part of the Treasury’s plan, also announced today, to fully exit its entire holdings of GM stock within 12 to 15 months, subject to market conditions. Treasury has announced its intention to sell its remaining shares of common stock into the market through various means and in an orderly fashion. Treasury intends to begin its disposition of its remaining shares as soon as January 2013, consistent with a pre-arranged written trading plan. In addition, Treasury has agreed to relinquish certain governance rights that were included in the U.S. Treasury Secured Credit Agreement with GM. “This announcement is an important step in bringing closure to the successful auto industry rescue, it further removes the perception of government ownership of GM among customers, and it demonstrates confidence in GM’s progress and our future,” said Dan Akerson, chairman and CEO of GM. Dan Ammann, senior vice president and CFO added, “A fortress balance sheet has been a pillar of GM’s financial strategy and has enabled us to undertake today’s actions. GM’s balance sheet will remain very strong, with estimated liquidity of approximately $38 billion at the end of 2012, following the closing of the share buyback.” The repurchase price of $27.50 per share represents a 7.9 percent premium over the closing price on December 18, 2012. The share buyback is expected to close by the end of the year. This transaction will be accretive to earnings per share, as GM’s total shares outstanding on a fully diluted basis will be reduced by approximately 11 percent. In association with this share buyback, GM expects to take a charge of approximately $400 million in the fourth quarter, which will be treated as a special item. After the repurchase, Treasury will continue to own approximately 300 million shares of GM common stock, or approximately 19 percent of the outstanding shares on a fully diluted basis. Government ownership of GM stock was the result of the auto industry rescue that began under President George W. Bush in 2008 and which was expanded by President Barack Obama in 2009. The industry in general, and GM in particular, have rebounded sharply since the rescue. Since the rescue, GM has announced investments of more than $7.3 billion in the U.S. and created or retained more than 20,000 jobs. “We come to work every day grateful that taxpayers from the US and Canada stepped forward to rescue our industry, and determined to show this extraordinary help was worth it,” Akerson said. -
U.S. Treasury To GM: No, We're Not Selling Our Shares Yet
William Maley posted an article in General Motors
William Maley Staff Writer - CheersandGears.com September 18, 2012 The U.S. Treasury said no to a plan from General Motors to sell their remaining shares in the company according to a report from the Wall Street Journal. Earlier in the summer, GM floated a plan to the Treasury department to purchase the remaining 200 million shares the Treasury hold. Under the plan, the Treasury would sell the remaining shares through a public stock offering. The Treasury wasn't so thrilled with GM's plan, citing major losses to the Government if they sold at GM's current stock price. However, people familiar with the situation tell the Journal that the Treasury could sell if the share price was in the thirty dollar range. Source: Wall Street Journal (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster.
