Canada Prepares to Shed GM Stake

Canada is looking for investment banks to handle the sale its 10% stake in General Motors Co., Bloomberg News reports, citing an unidentified source. The news service says no sale date has been chosen.

The central government and the province of Ontario currently hold a combined 140 million shares worth $5.1 billion.

The governments received 175.2 million shares plus debt in exchange for their $9.5 billion contribution to GM's bailout in 2009. They sold more than 35 million shares in late 2010 during the carmaker's initial public offering.