Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future