Canada to Sell Stake in GM
Photo: Paul Sancya / AP
Canada is preparing to sell its stake in General Motors, according to a report by Bloomberg. Finance Minister Jim Flaherty has previously said that the government would be looking to sell the 140 million shares it currently holds and one of his spokespeople confirmed that point at recently as last Saturday. The stake represents 10 percent of the company.
Our government invested $9.5 billion as part of the 2009 bailout of GM. They sold 35 million of the initial 175 million shares initially purchased in the IPO.
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The US Treasury is also planning to sell its stock in GM within about a year. The stock has gained 27 percent this year and 11 percent since the IPO in Nov 2010.
