<p>A GM filing with the US Securities & Exchange Commission would be the first step toward an IPO to reduce the US government’s ownership in the automaker after a $50 billion bailout in 2009.<br /><br />By filing with the SEC in August, GM is aiming to complete its IPO before the November U.S. elections, according to the sources, who asked not to be named because the closed-door preparations remain confidential.<br /><br />GM also remains in talks with Bank of America Corp, JPMorgan Chase & Co, and Wells Fargo & Co for dealer and consumer financing for more credit-worthy borrowers, sources said.<br /><br />One concern for potential investors has been whether GM dealers and potential car buyers have the same kind of access to financing as competitors with in-house financing operations like Ford Motor Co.<br /><br />An IPO for the US automaker, which was restructured in bankruptcy last year, would be the biggest US stock offering since Visa Inc’s $19.7 billion March 2008 IPO and one of the biggest IPOs of all time.<br /><br />GM’s second-quarter earnings report is expected to show the automaker generated cash for a second consecutive earnings period, sources said.<br /><br />GM Chief Financial Officer Chris Liddell told CNBC on Thursday that the automaker would report results in about three weeks. GM spokeswoman Renee Rashid-Merem told Reuters on Thursday the automaker would report second quarter results in mid-August.<br /><br />“Beyond that, we aren’t commenting on matters relating to an IPO. We will launch an IPO when the conditions are right and the company is ready,” she said.The automaker posted its first quarterly profit since 2007 in the first quarter. In the June-ended quarter, industry-wide US auto sales were above 11 million vehicles on an annualised and adjusted basis.<br /></p>
<p>A GM filing with the US Securities & Exchange Commission would be the first step toward an IPO to reduce the US government’s ownership in the automaker after a $50 billion bailout in 2009.<br /><br />By filing with the SEC in August, GM is aiming to complete its IPO before the November U.S. elections, according to the sources, who asked not to be named because the closed-door preparations remain confidential.<br /><br />GM also remains in talks with Bank of America Corp, JPMorgan Chase & Co, and Wells Fargo & Co for dealer and consumer financing for more credit-worthy borrowers, sources said.<br /><br />One concern for potential investors has been whether GM dealers and potential car buyers have the same kind of access to financing as competitors with in-house financing operations like Ford Motor Co.<br /><br />An IPO for the US automaker, which was restructured in bankruptcy last year, would be the biggest US stock offering since Visa Inc’s $19.7 billion March 2008 IPO and one of the biggest IPOs of all time.<br /><br />GM’s second-quarter earnings report is expected to show the automaker generated cash for a second consecutive earnings period, sources said.<br /><br />GM Chief Financial Officer Chris Liddell told CNBC on Thursday that the automaker would report results in about three weeks. GM spokeswoman Renee Rashid-Merem told Reuters on Thursday the automaker would report second quarter results in mid-August.<br /><br />“Beyond that, we aren’t commenting on matters relating to an IPO. We will launch an IPO when the conditions are right and the company is ready,” she said.The automaker posted its first quarterly profit since 2007 in the first quarter. In the June-ended quarter, industry-wide US auto sales were above 11 million vehicles on an annualised and adjusted basis.<br /></p>
