By AP
DETROIT –
Two people briefed on the matter say shares of General Motors Co. stock should sell between $26 to $29 each in an initial public offering that could happen in mid-November.
The people say the U.S. government is expected to reduce its stake in the company from 61 percent to around 43 percent in the sale.
Terms of the sale are not final because GM's board has yet to approve them.
The people say bankers are recommending that the shares be sold on Nov. 18.
The people also say the board is expected to act within 48 hours and a price range would be announced either Tuesday or Wednesday.
The people did not want to be identified because they had not been authorized to speak, and the sale's terms had not been finalized.