Detroit MI Automaker GM Announces IPO at $13 billion

Detroit MI Automaker GM Announces IPO at billion

DETROIT M.I. – Detroit MI followers of General Motors’ IPO should know the automaker has announced its IPO to total $ 13 billion.

General Motors reported that it expects third-quarter earnings to total $ 1.9 billion to $ 2.1 billion on revenue of about $ 34 billion according to The Wall Street Journal.  GM believes it will be profitable in the fourth quarter, but possibly lower than other months this year.  GM also reported that U.S. sales climbed 3.5 percent overall and the company had a 13 percent growth in October for its main four brands.

The IPO is offering 365 million shares of common stock—normal shares which represent ownership for stockholders and the right to vote on company business, but whose shareholders are last in receiving funds should the company go bankrupt—which will be priced from $ 26.00 to $ 29.00 per share.

Detroit MI potential shareholders will also have the option of GM’s Series B mandatory convertible junior preferred stock—shares that guaranteed priority in the payment of dividends but whose holders have no voting rights—with a liquidation amount of $ 50 per share. Only 60 million shares will be offered for the preferred stock.

According to a GM press release, unless the holder of the preferred stock converts the stock earlier than the three years after the original issue date, the Series B preferred stock will automatically convert on the mandatory conversion date. In other words, shareholders can either wait for the maturity date to get the full $ 50 value, which is three years after the stock is purchased, or they have the option to mature to its value earlier.

General Motors is expected to sell $ 10 million worth of stock, 24 percent of its projected market value, while the U.S. Treasury wants to sell $ 7 billion of its shares to cut out some of its stake after bailing GM out last year.

Some Detroit MI insiders are very optimistic that General Motors is on the right track as the IPO will continue to help the automaker move forward.

[Source(s): General Motors, The Wall Street Journal.]

 

Detroit MI Automaker GM’s Enclave Gets Props from Oakland Press

Detroit MI Automaker GM’s Enclave Gets Props from Oakland Press

DETROIT, M.I. – Detroit MI has enjoyed many well-designed classic and sleek vehicles from its hometown automaker General Motors; and according to the Oakland Press, GM has done it again.

Based in Pontiac, Mich., Oakland Press is excited about the Buick Enclave and its luxurious exterior and interior design. This elegant mid-sized SUV rivals other top luxury models such as the Lexus LX from Japan or the Mercedes M-Class from Germany.

Detroit MI prospective buyers will still enjoy the Buick trademark grille and will have the option to add bigger 20-inch chrome-clad wheels, which Oakland Press says is an option it would definitely pay extra for.

This SUV comes standard with a 3.6 Liter 288 horsepower V-6 engine and 6-speed automatic transmission with an optional all-wheel drive. This Detroit MI vehicle doesn’t disappoint with enough power to tow a 4,500-pound trailer while also being large enough to bring a family of seven, with the standard third-row split bench seat, along with it. Other great features for the family include a power up and down cargo gate with a cargo area that will hold 18.9 cubic feet with the rear bench seat unused. Also, when the rear seat is folded down, another 535 cubic feet is added.

Oakland Press believes that the most important part of any vehicle is the cabin, and it praises the Buick Enclave for having a very stylish and elegant interior space. The materials used and the placement of the different controls were executed efficiently and are attractive-looking as well.

Other great options for the Buick Enclave include a backup camera, power sunroof with the second-row skylight, a second-row console, and an upgraded audio system with navigation and a DVD player that includes rear seat entertainment. As most Detroit MI GM vehicles, the Buick Enclave enjoys the safety and reassurance of OnStar.

All in all, Oakland Press is definitely a fan of GM’s Buick Enclave and feels that anyone looking for an SUV should consider staying with a home brand before moving on to some other foreign vehicle.

MI Auto Times covers all Michigan automotive news all the time, featuring newly released vehicle recall information, relevant Michigan automaker news, vehicle ratings and comparisons, and everything else auto-related Michigan and world readers need to know.

[Source: The Oakland Press]

 

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