New
Government sold nearly 73.4 million shares Monday
The Canadian Press Posted: Apr 06, 2015 7:39 PM ET Last Updated: Apr 06, 2015 7:39 PM ET
The Harper government says it has unloaded its remaining multibillion-dollar stake in General Motors.
The federal Finance Department says the government sold nearly 73.4 million shares Monday in an unregistered block trade to Goldman, Sachs & Co.
- General Motors announces $5B stock buyback plan
- General Motors shares unloaded by Ontario government
- U.S. sells all its GM shares taking $10B loss
GM shares closed Monday at US$36.66.
Canada was the only North American government still holding stock acquired as part of the 2009 effort to bail out the then-sputtering automaker.
In a statement, Finance Minister Joe Oliver said the sale means GM has returned to private-sector ownership and taxpayers are no longer exposed to the market.
The sell-off comes as the federal government searches for ways to fulfil its election-year promise to balance its books amid the negative economic impacts of the global oil slump.
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