Canadian Government Looking to Get Rid of GM Stake

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.
GM Canada 1 photo
Photo: Tino Rossini/Wikipedia
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
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About the author: Ciprian Florea
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Ask Ciprian about cars and he'll reveal an obsession with classics and an annoyance with modern design cues. Read his articles and you'll understand why his ideal SUV is the 1969 Chevrolet K5 Blazer.
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