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Ontario Cashes Out on GM Stake
Ontario has sold its remaining 37 million shares in General Motors Co. for about US$875 million.
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Ontario has sold its remaining 37 million shares in General Motors Co. for about US$875 million.
Canada's central government continues to hold its stake in GM in hopes of maximizing its return. GM shares, which debuted in 2010 at $33, traded yesterday at about $36.25.
Ottawa and Ontario invested a combined $9.5 billion in GM in 2009 as the carmaker went bankrupt, emerging with 175 million shares and a 12% stake in "new" GM. They sold 35 million shares during the company's initial public offering five years ago.
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