GM IPO, Not Before Q4

The long-talked about initial public offering (IPO) planned by American manufacturer GM won't happen before the fourth quarter of the year, according to the US Treasury. In a statement released last week, the Treasury tried to tamper "a lot of anticipation and speculation," as GM calls it.

"Exact timing of the offering will be determined by GM in light of market conditions and other factors, but will not occur before the fourth quarter of this year," the statement, quoted by AFP, reads. "Treasury will retain the right, at all times, to decide whether and at what level to participate in the offering, should it occur."

According to GM, the most likely date for the company to go public is either late 2010 or early 2011. The company's CFO, Chris Liddell, already stated GM has not yet committed to an IPO timetable.

"As we have previously said, there are a number of factors that will influence the timing, including the state of the economy, capital market conditions, state of the auto business, GM's performance and others," the carmaker said.

Last year, GM received $52 billion from the US government to survive the bankruptcy process. Out of that amount, $45.3 billion was converted into equity as the government got 61 percent of the car manufacturer. Canada owns 11.7 percent while the UAW retiree healthcare trust fund holds 17.5 percent.

In April 2010, GM repaid the remaining $5.8 billion to the U.S. Treasury and Export Development Canada.