General Motors Co. stock closed at an all-time high of $39.11 yesterday, the highest closing since its initial public offering three years ago.
GM’s stock was up 38 cents or nearly 1 % point. Its previous closing high was $38.98 on Jan. 7, 2010. This is of course due to the announcement by the US Department of treasury that it intends to complete its exit from the automaker before the year’s end, ahead of schedule by three months earlier than its previously announced deadline to sell its shares of GM by the end of the first-quarter 2014.
The end of U.S. government ownership is significant for the company, which wants to be free of the “Government Motors” label as soon as possible.
The end of government ownership would allow the company to issue a dividend for common stock. It would also allow the company to pay executives more money, as it has been under government pay restrictions, and could also help the automaker attract top talent.