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GM moves towards IPO

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GM moves towards IPO

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General Motors has taken the first step to paying back the billions it was given in a controversial taxpayer-funded bailout.

The carmaker – which is currently more than 60 percent owned by the US government – is to sell shares on the New York and Toronto stock markets to raise as much as 15.5 billion euros

The initial public offering of shares comes amid a still-weak global market for cars that is vulnerable to a further downturn

GM has so far not said how many shares would be sold or the expected price range.