The US Treasury said it would begin another round of sales of General Motors shares acquired during the government’s bailout of the US auto sector.

According to Reuters, the Treasury, along with the UAW Retiree Medical Benefits Trust, said it would sell 50m common shares in a public offering in conjunction with GM’s inclusion to the S&P 500 index on 6 June. The Treasury alone intends to sell 30m additional GM shares.

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The move is part of the Treasury’s efforts to sell its remaining shares of GM’s common stock, and wind down the US government’s stake in the automaker as part of the financial bailout known as the Troubled Asset Relief Program (TARP).

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