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U.S. seals deal to sell Chrysler stake
WASHINGTON — The US Treasury has said it reached an agreement to sell the government’s stake in Chrysler Group for an estimated $560 million to Italian automaker Fiat. With the deal, the Treasury “will have fully exited” its investment in Chrysler under the Troubled Asset Relief Program (TARP). “As Treasury…
Chrysler details plan to pay off government loans
CHICAGO — Chrysler on Thursday detailed a $7.5 billion refinancing plan that will allow it to pay off government loans and expand Fiat’s stake in the US automaker. Chrysler said the $3.2 billion bond issuance, $4.3 billion in loans and the Fiat equity investment will close on Tuesday. Chrysler and…
AIG repays $6.9 billion of US TARP bailout
WASHINGTON – Bailed-out insurance giant AIG repaid $6.9 billion of a US government bailout Tuesday, using proceeds from the sale of its stake in industry rival MetLife, the US Treasury said. A Treasury statement said that American International Group used $6.6 billion of the $9.6 billion it received from the…
Facebook valued at $65 billion in new investment
SAN FRANCISCO (Reuters) – Investment firm General Atlantic is investing in Facebook, valuing the leading social network at $65 billion, representing a 30 percent boost from its last big investment in January, according to a report on CNBC. General Atlantic is purchasing a block of roughly 2.5 million Facebook shares…
Government could seek foreign investors for GM
Treasury Department statement says foreign investors could be courted in GM stock sale Investment bankers handling the upcoming General Motors Co. stock sale are expected to court foreign investors as well as those in North America, according to a U.S. Treasury Department statement. GM and the Treasury Department would not…
BP speeds $20 billion asset sale to boost Gulf relief funds
British energy giant BP is speeding up the sale of up to 20 billion dollars (15.5 billion euros) of assets in a bid to boost funds after the Gulf oil spill, the Financial Times reported Friday. The company is finalising details of the sales, including the disposal of American assets…
Tesla Motors shares skyrocket 40 pct. upon initial public offering
Tesla Motors got off to a flying start on Wall Street on Tuesday as shares in the US electric carmaker soared more than 40 percent over its initial public offering price. Shares in Tesla, the first US auto manufacturer to go public since Ford in 1956, gained 6.89 dollars, or…
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