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[marayatano]

GM: IPO shares to be priced between $26 and $29

On Wednesday November 3, 2010, 4:03 pm

DETROIT (AP) -- General Motors Co. says the company's shares will be priced between $26 and $29 each in an initial public offering.

GM announced the price range in a filing with the Securities and Exchange Commission on Wednesday. GM also says it has split its shares three-for-one in advance of the IPO, which is expected later this month.

The price range and split were revealed in a series of GM announcements that included a third-quarter earnings forecast of $1.9 billion to $2.1 billion.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

DETROIT (AP) -- General Motors Co. says it expects net income of $1.9 billion to $2.1 billion when it announces third-quarter results next week.

The earnings forecast was announced ahead of an expected filing with federal regulators giving details of the company's initial public stock offering.

For the first nine months of the year GM expects net income of $4 billion to $4.2 billion.

The Detroit automaker also says it expects revenue of around $34 billion.

GM's stakeholders, including the U.S. government, are expected to sell the stock around Nov. 18.

http://finance.yahoo.com/news/GM-IPO-shares-to-be-priced-apf-2365457110.html?x=0&sec=topStories&pos=4&asset=&ccode=