General Motors will succeed in shrinking the federal government's ownership stake to less than 50 percent in a $10.6 billion initial public offering later this month, people briefed on the matter said on Monday.

G.M. is expected to sell about 365 million common shares at $26 to $29 each, these people said. It also plans to sell up to $3 billion worth of preferred shares that will later convert into common shares.

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