CBS New York

General Motors has announced plans to buy back some of its stock from the U.S. Department of the Treasury, reducing the federal government’s stake in the automaker by 40%.

In a press release, GM says that it will purchase 200 million shares of common stock from the Treasury — a significant chunk of the 500 million shares that the feds currently own. GM will pay a total of $5.5 billion for the stock, which works out to $27.50 per share, or nearly 8% more than yesterday’s closing price of $25.49. The purchase is expected to be finalized by December 31.

GM’s chairman and CEO, Dan Akerson, says that “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”.

As for the Treasury Department’s…

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