Treasury gets boost from GM sale

Chris Liddell. Photo / Dean Purcell

The Treasury Department has received an extra US$1.8 billion ($2.4 billion) in net proceeds from the sale of additional stock in General Motors.

Treasury said the revenue received yesterday brought the total amount the Government has earned from an initial public offering of GM stock to US$13.5 billion.

Treasury said last week it expected to earn an extra US$1.8 billion if the bankers who handled the IPO exercised their full options to purchase an extra 53.8 million shares of common stock of GM, whose CFO is New Zealander Chris Liddell.