General Motors Co., 61 percent owned by the U.S., will choose the lead bankers for its initial public offering while the Treasury Department will retain veto power over the selection and determine the fees paid to underwriters. The automaker will handle much of the work for a stock sale, including preparing the registration statement, prospectus and other legal documents, working with the Securities and Exchange Commission and meeting with investors, Treasury said. “It’s a fine line for the Treasury,” said Reena Aggarwal, a finance professor at Georgetown University in Washington who has studied IPOs for 20 years. “They don’t want to sound like they’re micromanaging the company because sooner or later they have to exit out of their ownership. But in the end, they want make sure they have seen…
Read more by Jutia Group
News Syndication by Ramberg Global Content News.
