(Updates with closing share price in the final paragraph.)
Oct. 11 (Bloomberg) -- The U.S. Treasury Department received $570.1 million last month from the sale of General Motors Co. shares as the government continues winding down its investment in the automaker.
Through the end of September, the U.S. government has recovered $36 billion of the $51 billion it spent to bail out and restructure Detroit-based GM, the Treasury said yesterday in a report to Congress. The report doesn’t say how many shares were sold during the month or at what price.
Treasury said in a September report its GM stake had been reduced to 7.3 percent. Following its 2009 bankruptcy, the automaker went public again in 2010, leaving the U.S. Treasury as its largest shareholder. The government began selling down its stake in December as GM repurchased $5.5 billion of shares. The Treasury said at that time it would sell the rest of its remaining shares within 15 months.
The government may complete selling its GM stake before the year is over, Chief Executive Officer Dan Akerson has said.
The U.S. investment in GM was the biggest piece of an industry bailout that became a centerpiece of President Barack Obama’s first term.
The government is exiting GM as investor confidence has risen while the company introduces 18 new or redesigned vehicles in the U.S.. The product surge is transforming its lineup into one of the freshest in the industry from the one of the oldest.
GM gained 1.4 percent to $35.35 at the close in New York. The restructured company held its initial public offering in 2010 at $33 a share. The shares have climbed 23 percent this year, outpacing the 19 percent increase for the Standard & Poor’s 500 Index.
--Editors: Bill Koenig, Molly Schuetz