US Treasury to sell GM shares within 12 months

The U.S. Treasury could sell all of its stock in General Motors Co. within the next year, the Wall Street Journal reports, citing an unidentified Treasury official.

The official stated that the sale of the remaining stake of the US government in the automaker is realistic within the next 12 months.

In June, 2009, GM filed for bankruptcy protection after dramatic reduction of sales leading to decline in market shares. This was mainly due to spike in fuel prices contributing to reduced sale of GM's larger gas burners like the SUVs.

To try to keep the company out of bankruptcy, the US government provided nearly $50 billion. The handout helped GM emerge out of the situation with the Treasury owning 60.8 percent of the company.

Reports, however, state that the sale of the shares will depend on factors like the performance of the automaker in the coming year and of the financial markets in general.