by Christopher Freeburn | June 4, 2013 9:39 am
Shares of General Motors (GM) climbed almost 2% in Tuesday morning trading as the auto giant prepares to take another step toward recovery from the financial crisis that almost destroyed it.
On June 6, GM will return to the Standard & Poor’s 500 Index. The largest American car maker was part of the S&P 500 from the index’s creation in 1957 until GM’s $49.5 billion government bailout and reorganization in 2009, Bloomberg notes.
GM will replace H.J. Heinz on the index. The iconic ketchup-maker is being taken private by Berkshire Hathaway (BRK.A, BRK.B) and a Brazilian private equity firm in a $23 billion acquisition.
In December, GM said it would repurchase 200 million of its shares owned by the U.S. Treasury. The government says it plans to dispose of its remaining stake in GM by the second half of next year.
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