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On Nov. 23, Treasury received $11.7 billion in net proceeds from the sale of 358,546,795 shares of common stock in GM's IPO.
The underwriters in the offering had a 30-day option to purchase up to 53,782,019 additional shares of common stock from Treasury at the same price to cover over-allotments.
The underwriters exercised this over-allotment option in full on Nov. 26, and Treasury on Thursday received $1.8 billion in net proceeds from the sale of those additional shares.
“General Motors' IPO is a testament to that company's turnaround and the significant progress we have made continuing to exit our investments and recover taxpayer dollars,” said Tim Massad, acting assistant secretary for financial stability.
The exercise of the over-allotment option increased the overall amount of GM common stock that Treasury sold in the GM IPO to 412,328,814 shares.
In total, the GM IPO reduced Treasury's ownership of GM's outstanding common stock by nearly half from 60.8 percent to 33.3 percent.
Treasury has invested a total of $49.5 billion in General Motors.
In October, Treasury announced that it accepted an offer by GM to repurchase $2.1 billion of preferred stock – a transaction that is expected to occur in mid-December 2010.
With this repurchase and the IPO, taxpayers will have received a total of $23.1 billion from GM through repayments, interest, and dividends since the company emerged from bankruptcy in July 2009.
Following the IPO and the preferred stock repurchase, Treasury's remaining stake in GM will consist of 500,065,254 shares of common stock.
The proceeds from the GM IPO bring the total amount of Troubled Asset Relief Program (TARP) funds that have been returned to taxpayers to nearly $254 billion.
The federal government originally had authorized $700 billion for the program, but that was later reduced to $475 billion. Total disbursements are put at $433 billion, according to a Nov. 29 report from the Congressional Budget Office.
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The report showed that demand for gasoline increased 1.8 percent compared to last year.
“California gasoline consumption and prices have been unusually stable for most of 2010,” said BOE Chairwoman Betty T. Yee. “Consumption for the first eight months of this year compared to last year shows very little fluctuation.”
In August 2010, gasoline demand rose 1.8 percent when Californians used 1.29 billion gallons of gasoline compared to 1.27 billion gallons the same month last year.
The average California gasoline price at the pump in August 2010 was $3.19 per gallon compared to $3.06 in August 2009, a 4.2-percent increase.
Diesel fuel sold in California during August 2010 totaled 205 million gallons compared to last year’s August 2009 total of 194 million gallons, which is an increase of 5.8 percent.
California diesel prices were $3.16 per gallon in August 2010 up 10.9 percent compared to August 2009 when the average diesel price was $2.85 per gallon.
However, while the diesel gallons reflected in the August 2010 numbers are up 11.2 million gallons, indicating an increase of 5.8 percent, the consumption change from last August is likely to be less because the August 2009 figures include a 19.3 million gallon non-recurring credit.
The gallons included in the monthly consumption numbers are always net of audit assessments and refunds. The August 2009 credits were larger than most and may have skewed the August 2010 percentage change to a 5.8 percent increase from an actual decline of 3.8 percent.
The BOE is able to monitor gallons through tax receipts paid by fuel distributors. The figures reported monthly are net consumption that includes BOE audit assessments, refunds, amended and late tax returns, and State Controller’s Office refunds.
Figures for September 2010 are scheduled to be available at the end of December 2010. All monthly, quarterly, and annual figures can be viewed at: www.boe.ca.gov/sptaxprog/spftrpts.htm.
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