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Canada Sells Stake in GM
Canada's central government is selling its 73.4 million shares in General Motors Co. to Goldman Sachs & Co. for about $2.7 billion.
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Canada's central government is selling its 73.4 million shares in General Motors Co. to Goldman Sachs & Co. for about $2.7 billion.
Canada says the sale will be completed by April 10. The deal will be done as an unregistered block trade by Canada GEN Investment Corp., which holds the shares. GM closed at $36.66 on Monday.
The province of Ontario disposed of its remaining 36.7 million shares of GM two months ago for about $875 million.
The two governments invested a combined $9.5 billion in GM during the carmaker's restructuring in 2009, acquiring a combined 12% stake in "new" GM. They sold about 35 million of their 175 million shares in 2010 during new GM's initial public offering in November 2010.
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