General Motors Co. is expected to file registration papers for an initial public offering later Wednesday, laying the groundwork for the auto maker to begin cutting its ties to the U.S. government, its majority owner.

GM’s plan to return to the public markets will include a move to sell preferred stock along with common shares, according to people familiar with the matter.

An IPO will allow the U.S. Treasury to begin offloading the 61% stake it holds in GM after last year’s $50 billion government bailout of the company. Selling preferred shares could allow the Treasury to more quickly reduce its stake in the company.

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