US – The 7% stake, representing over 24 million shares, was sold through private placement to institutional investors and generated gross proceeds of €0.25 billion.
General Motors announced that there would be no public offering of the securities in the US; the offer and sale of the shares will not be registered under the United States Securities Act of 1933.
Steve Girsky, vice-chairman at GM, commented: “Our equity stake was planned to support PSA in their efforts to raise capital at the time of the creation of the GM and PSA alliance, and that support is no longer needed.”
