【英语科技】通用汽车IPO计划曝光 政府持股不到50%

The U.S. will cut its ownership stake in General Motors Co. below the symbolically important 50% to about 35% when the car maker relists its stock later this month, according to new figures the company plans to disclose Tuesday, but it will be tough for the government to break even on its investment.

The new projections by GM say the company could have a stock-market value at the start of trading of $50 billion, including warrants─about the same as the solidly profitable Ford Motor Co.─and that it could be as high as $60 billion, said people familiar with the filing.

But for the U.S. to break even through sales of the rest of its stake, the share price may need to rise more than 60% from its initial level, to about $50 each.

The initial public offering plan envisions the shares would sell initially for $26 to $29 each, these people said. The actual price of the stock to be sold in the IPO would be set about Nov. 17, and the sale would take place the following day.

Through the IPO, GM plans to sell 24% of its total shares, or about $10 billion worth, based on the midrange of the share-price estimate.

The shares to be sold are owned by the U.S. Treasury, a union-run trust and Canadian federal and provincial governments, said the people familiar with the plan.

Under the plan, the Treasury would sell $7 billion of its shares, paring its stake to about 35%─lower than many observers expected. The United Auto Workers trust, which pays for retiree health care, would sell $2 billion of its shares, while Canada and Ontario would offload around $1 billion of their shares.


At the midpoint of the proposed price range, GM's stock outstanding, including warrants, would be worth about $50 billion, roughly the same level as Ford Motor Co. The IPO's underwriters are hoping to sell at the top end of the range, and for the stock to rise 20% or more when trading begins. At that level, GM could be worth $60 billion or more.

The plan includes a stock split that will triple the number of GM common shares available to 1.5 billion. Outstanding warrants─the right to buy shares─ boost the total to 1.8 billion.

Details of the stock offering are expected to be filed with the Securities and Exchange Commission on Tuesday, in advance of a 'road show' GM is set to launch Wednesday to promote the IPO to prospective investors.

Some details of the sale were earlier reported by Reuters.

GM executives will divide into two teams to pitch the IPO. One team will spend two days in the New York area this week, while the other will head to Toronto, according to people familiar with the plan.

The Obama administration is seeking to recoup the $49.5 billion that taxpayers poured into GM. Critics refer to the company as 'Government Motors,' and the U.S. ownership stake has tainted the company in the eyes of some potential car buyers.

GM last week returned $2.1 billion to the U.S. government, bringing the total amount it has handed back to $9.5 billion, through loan repayments, interest payments and dividends, the Treasury said.

On the road show, GM will likely face tough questions about its untested management team, holes in its product plans and the role the U.S. government will play in its business operations─all seen as key risks to GM's longer-term success.

据据通用汽车（General Motors Co.）计划周二披露的新数据，该公司本月稍后重新上市时，美国政府将把其在该公司的股权降至35%左右，低于50%这一具有重要象征意义的比例，不过美国政府很难在其投资上达到盈亏平衡。

Bloomberg News通用汽车CEO Dan Akerson（右中）在察看凯迪拉克生产线。了解通用汽车所披露文件的人说，该公司作出的新预测显示，上市交易之初包括权证在内的股票市值可能将为500亿美元，与获利稳定的福特汽车（Ford Motor Co.）大致相同，甚至可能最高达到600亿美元。

但美国政府要想通过出售余下的股权来达到盈亏平衡，通用汽车股价可能需要从上市之初水平上涨逾60%，至每股50美元左右，美国政府才能达能目标。

知情人士说，通用汽车的首次公开募股（IPO）计划预计每股最初售价为26-29美元。该股将于11月17日定价，第二天开始上市销售。

基于上述股价预估中值，通用汽车计划通过IPO发售该公司总股本的24%，即约100亿美元股票。

了解该计划的人说，将出售的股票是由美国财政部、一家由工会经营的信托公司、加拿大联邦政府及省政府持有。

根据该计划，美国财政部将出售70亿美元股票，将其所持股份减少到35%左右，低于许多观察家的预估。美国汽车工人联合会（The United Auto Workers）所管理的信托基金（这一基金为退休工人支付医保费用）将出售所持股份中的20亿美元股票，加拿大及安大略省政府将出售所持股权中的约10亿美元股票。

基于上述拟定价格区间的中值，通用汽车发行在外总股份（包括权证）总值将达约500亿美元，大致相当于福特汽车的水平。此次IPO的承销商希望发股价能位于价格区间的高端，并希望上市后股票升值20%或更多。如按这一价位计算，通用汽车市值可能将达600亿美元或更多。

上述IPO计划包括拆股计划，拆股之后通用汽车普通股数量将增长两倍，至15亿股。所剩的具有买入股票权利的认股权证将把通用汽车普通股总数提高到18亿股。

股票发行的细节料于周二向美国证券交易委员会（SEC）提交，通用汽车将于周三开始路演，向潜在的投资者推销该IPO。

销售的一些细节已经由路透社报导过。

熟悉上市计划的人说，通用汽车高管将分成两组推销该IPO。一组本周将有两天时间停留在纽约地区，另一组将前往多伦多。

奥巴马政府努力收回纳税人援助通用汽车的495亿美元资金，批评人士将通用汽车指为“政府汽车”（Government Motors），在一些潜在汽车买家的眼里，美国政府持有的股权已使该公司变质。

美国财政部说，通用汽车通过偿还贷款、支付利息和股息，上周已返还美国政府21亿美元，其总计已返还政府95亿美元。

在路演中，通用汽车可能将面临严苛的问题，外界可能就其未经考验的管理团队、产品计划缺陷，及美国政府在其业务运作中的角色提出问题，所有这些都是通用汽车要想获得长期成功所面临的主要风险。