GM files documents for IPO

GM plans to sell preferred and common stock as it cuts its ties to the U.S. government, which owns about 60 percent of the once-largest U.S. automaker. The U.S. Treasury spent about $50 billion to bailout GM last year and a successful IPO would allow the government and the United Auto Workers to begin reducing their stakes in the company, the Wall Street Journal said.

The Journal said the stock sale, likely in November or December, was expected raise $10 billion to $20 billion.

GM said it made more than $2.2 billion in the first half of 2010 and expected to post its first profitable year since 2004.

Copyright 2010 United Press International, Inc. (UPI).