* Windows for share sale in June, August and Sept-source
* Treasury follow-on previously seen around $10 bln
* No decision on size, timing of follow-on sale-sources
By Clare Baldwin
NEW YORK, April 18 (Reuters) - The U.S. Treasury could sell a significant portion of its remaining 33 percent stake in automaker General Motors Co in the summer or fall, a person with knowledge of the matter said.
Two people said no decision on the timing or size of such a sale has been made.
Sources have previously told Reuters that a follow-on share sale could be worth about $10 billion — but since GM shares have dropped below their $33 IPO price, some have suggested that the sale could be smaller.
GM’s shares are now at their lowest since their IPO. They closed at $29.97, or 9.2 percent below the IPO price on the New York Stock Exchange on Monday.
June would be the earliest a share sale could take place. It could also happen in the first half of August or after Labor Day, one source said.
An additional share sale could happen in November or December, that source said.
The information is not public and the people declined to be identified. Treasury declined comment.
“Our role is to continue to deliver results and create shareholder value. It is up to the U.S. Treasury as to when they sell their remaining stake,” a GM spokesman said.
Earlier on Monday the Wall Street Journal reported that the U.S. government is willing to take a loss on its investment in GM because the Obama administration wants to end its involvement with the automaker, citing unnamed people familiar with the matter.
The U.S. government poured $50 billion into GM during the financial crisis to help the one-time blue-chip avoid liquidation.
GM’s blockbuster IPO last November reduced the U.S. government’s stake in GM to 33 percent of common shares outstanding from the 61 percent it held before the IPO. According to the IPO agreement, the Treasury cannot sell more shares before May 22.
The world’s No. 2 automaker has slowly rebounded from its 2009 bankruptcy in part because of new products like the Chevrolet Malibu and Volt which were being developed before its government bailout.
Some investors are concerned about shuffles among top management at GM, where a new chief financial officer took over this month. And GM, top-selling in the U.S. auto market, has had four CEOs since early 2009. (Additional reporting by Alina Selyukh, Bernie Woodall, Soyoung Kim and Ben Klayman; Editing by Lincoln Feast)