Canadian Government Looking to Get Rid of GM Stake
With 140 million common shares (or a 10 percent stake) valued at $5.1 billion at current stock price, the Canadian government is the third-largest GM shareholder behind the US Treasury and the GM-UAW Voluntary Employee Beneficiary Association.
“The government of Canada remains committed to exiting from ownership of GM as quickly as feasible, while maximizing the value of the government’s interests for Canadian taxpayers,” Kathleen Perchaluk, a spokeswoman for Finance Minister Jim Flaherty said in a statement.
Canada and the province of Ontario invested $9.5 billion in General Motors’ bailout back in 2009.
Story via Bloomberg