General Motors has completed the repurchase of all the preferred shares the government obtained in return for public funds, repaying US$2.1bn to taxpayers.
The government department said GM purchased the treasury’s 83,898,305 preferred shares at a price of $25.50 per share, which is equal to 102% of the liquidation preference, Kyodo News reported.
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The treasury invested $49.5bn in GM to keep the automaker afloat and has so far recovered a total of $23.1bn from GM through repayments, interest and dividends since the company emerged from bankruptcy in July 2009.
The treasury’s remaining stake in GM now consists of some 500m shares of common stock, it said.
