The upcoming initial public offering of General Motors Co will be open to the widest possible range of investors, including both overseas funds and U.S. retail buyers, the U.S. Treasury said on Friday.
The statement marked the first time the Obama administration has clarified the rules that will be applied in a landmark IPO intended to reduce the U.S. government's 61-percent stake in the automaker.
In the statement, the Treasury said that it would look to "maximize taxpayer returns" from the IPO while also looking to attract a stable base of investors and interest in the subsequent stock offerings that will be needed to eliminate U.S. government ownership.
"We expect that potential investors will be sought across multiple geographies with a focus on North American investors, in line with what is typical in similar transactions," the statement said.
The U.S. government will not become involved with the decisions about how many shares are allocated to specific investors, it said.
