GM chairman, CEO and other executives buy into IPO
DETROIT (Reuters) - General Motors Co (GM.N) top executives acquired shares in the IPO of the biggest U.S. automaker and some added to their stakes afterward, led by Chief Executive Dan Akerson and Chairman Ed Whitacre.
Whitacre and Akerson acquired more than $500,000 of GM stock each, taking 800 shares each in the initial public offering and then adding to their stakes afterward in open market transactions, filings with U.S. securities regulators on Wednesday show.
GM returned to Wall Street last week less than a year and a half after a controversial government-funded bankruptcy that rescued the automaker, but left it as "government motors" in the eyes of some critics of the bailout.
The IPO allowed the U.S. government to begin to shed its stake in GM, which is also owned in part by a United Auto Workers union healthcare trust, the governments of Canada and Ontario, and some creditors of its former shell.
Other executives and company directors also bought into GM's IPO.
Vice Chairman Stephen Girsky acquired stock through the IPO and added to his stake afterward, reporting a total investment of nearly $114,000, securities filings show.
GM Chief Financial Officer Chris Liddell, GM product development chief Tom Stephens and GM North America President Mark Reuss also disclosed purchases at the IPO price.
(Reporting by David Bailey, editing by Gerald E. McCormick)
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