May 12, 2011 / 6:54 PM / in 7 years

UPDATE 1-GM CEO Akerson buys $940,000 in GM shares-filing

DETROIT, May 12 (Reuters) - General Motors Co (GM.N) Chief Executive Officer Dan Akerson bought 30,000 shares of the largest U.S. automaker, valued at nearly $940,000, according to a filing on Thursday.

Akerson, who became chief executive of GM a little more than two months before its blockbuster IPO, bought the shares at $31.33 per share, according to the filing with the U.S. Securities and Exchange Commission.

    GM stock was trading around $31.40 in afternoon trading on the New York Stock Exchange.

    The company’s shares have hovered below the IPO price of $33 per share as higher fuel prices have worried investors already anxious for the U.S. Treasury to exit its position in GM.

    The poor share performance was among the factors that prompted the U.S. Treasury to hold off on a secondary offering until August at the earliest, people familiar with the matter said Thursday. [ID:nN1253074]

    Reporting by Deepa Seetharaman; Editing by Phil Berlowitz

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