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Canada to sell remaining General Motors stake to Goldman Sachs

Staff writer |
Canada has entered into an agreement to sell nearly 73.4 million shares it owns in General Motors (GM) to Goldman, Sachs & Co.

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Following the sale, the Canadian government will have sold all of its remaining GM shares.

Canada GEN Investment Corp said the sale, an unregistered block trade, will be completed on April 10. No price or value were given for the share sales. Canada GEN, is a wholly-owned subsidiary of Canada Development Investment Corporation, which held Canada's equity interest in GM.

Sale proceeds will be in U.S. dollars and converted into Canadian dollars "gradually over a period of time", the statement said.

The sale follows the disposal by the Canadian province of Ontario in February of its remaining shares in the Detroit automaker for around C$1.1 billion ($882.19 million).

The stock was acquired when the Canadian and Ontario governments contributed more than C$10 billion to a bailout to keep GM afloat.

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