General Motors unveils plans for a massive share sale

General Motors has paved the way for an initial public offering (IPO), expected to be the second largest share sale in US history.

GM, 61%-owned by the US government, has officially filed its proposals with the Securities and Exchange Commission.

The move begins the timetable for the IPO, which analysts believe will raise between $12bn and $16bn (£7.7-10.2bn).

The idea is to pay back some of the $50 billion the US taxpayer spent in bailing it out.

Michelle Fleury reports from New York

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