Photo: Tino Rossini/Wikipedia
The Canadian government is planning to sell its stake in General Motors “as quickly as feasible”, a spokeswoman for the country’s Finance Minister revealed last week. According to Bloomberg, the federal and Ontario governments have already contacted investment banks interested in buying the shares.
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
“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
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