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GM raises price ahead of share issue

GM - US government stake to be cut
GM - US government stake to be cut

US car maker General Motors has raised the price range for its initial offering of shares to between $32 and $33 per share, the company said in a statement today.

The estimated initial price had been between $26 and $29 per share.

The announcement came as the auto giant prepared to move away from government control on Thursday with a sale of 365m shares of common stock.

The sale is one of the largest in US history, and will reduce the US government's stake.

GM is re-entering the stock market after it was forced into a state-backed bankruptcy reorganisation in June 2009.