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GM boosts size of share sale

GM boosts size of share sale
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General Motors has set the final terms for its landmark initial public offering of stock.

It is boosting the number of shares for sale and could raise nearly 17 billion euros.

Strong demand for the shares means the price will be higher that GM originally anticipated.

The carmaker will be able to start to pay back some of the 37 billion euros government bailout it received to stop it going bankrupt.

At the high end of its price range, the IPO could be the largest ever in the United States.

It could take US government ownership of GM down to as little as 33 percent from 61 percent.

The strong investor reception represents a win for the Obama administration after it chose to restructure GM in an unpopular, 2009 taxpayer-funded bankruptcy that left the company with the stigma that it had become “Government Motors.”