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Canada Bails Out of GM Stock for $2.7 Billion

Government sells its shares to Goldman Sachs.

by on Apr.07, 2015

Unifor President Jerry Dias said the Canadian government shouldn't sell its stake in GM in order to have some leverage in manufacturing decisions.

Government Motors is now officially dead: really. The Canadian government announced it is selling its $2.7 billion stake in General Motors Co. to Goldman, Sachs & Co. by the end of this week.

The Canada GEN Investment Corp., a subsidiary of Canada Development Investment Corp., plans to sell its 73.4 million shares of GM in a single unregistered block.

Union News!

The government received the shares as part of the 2009 bailout of the company, and more details about the sale will be available in the “next several days” after Canada GEN reports the trade with U.S. and Canadian securities regulators. (more…)