Canada, Ontario Sell More GM Shares

The governments of Canada and the province of Ontario have sold 30 million of the shares they hold in General Motors Co.

The stake, which is worth about US$1.1 billion, was transferred in a block trade to Bank of America Corp. and the Royal Bank of Canada.

The governments previously owned a combined 140 million GM shares, equal to a 10% stake in the carmaker. They acquired 175.2 million shares in 2009 in exchange for contributing $9.5 billion to GM's bankruptcy bailout.

The governments sold more than 35 million shares of their original stake in 2010 during the company's initial public offering.