Overallotment makes GM IPO largest in World backed by Euro Money

The initial public offering of GM (IPO) is the world's largest at $23.1 billion. The underwriters are open to purchase large dividends of stock making the bid higher than the Agricultural Bank of China's IPO at $22.1 billion this past July. "The full overallotment exercise reflects strong demand for the stakes in the company." The U.S. government currently owns almost 61 percent of GM after converting $43 billion of the $50 billion in funding to the automaker into equity. The U.S. Treasury is concerned about how many foreign investors it should allow to buy big stakes in General Motors Co's yet it doesn't take into consideration that J.P. Morgan is a company that is owned by investors in London, England and Citigroup's largest shareholders are from the Middle East and Singapore. On Sunday, September 14, 2008, Bank of America announced it was in talks to purchase Merrill Lynch for $38.25 billion in stock. The Wall Street Journal reported later that day that Merrill Lynch was sold to Bank of America for 0.8595 shares of Bank of America common stock for each Merrill Lynch common share, or about US$50 billion or $29 per share. Bank of America isn't actually its own corporation, that is -- Bank of America was acquired in 1998 by the NationsBank. The deposits for NationsBank which is now renamed Banc of America Securities, LLC are kept in the Deutsche Bank in Germany. The only proportion of Deutsche Bank share capital that is held by U. S. investors is 16%. Therefore, the underwriters for GM are controlled wholly by foreign investment capital. GM -- An American car manufacturer is being backed primarily by the Euro on the European market.