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Ottawa unloads remaining GM stock for $35.61 (U.S.) a share

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Ottawa unloads remaining GM stock for $35.61 (U.S.) a share

Open this photo in gallery: Reuters

GM said the recall is being expanded to include versions of the Chevrolet Cobalt, Chevrolet HHR, Pontiac G5, Pontiac Solstice and Pontiac Sky made during model years 2008-2011.

Francois Lenoir/Reuters

Greg Keenan Auto, Steel and Airline Industries
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The federal government sold its shares in General Motors Co. for $35.61 (U.S.) each, according to a filing made with the Securities and Exchange Commission.

The sale means the government will pocket $2.613-billion, which it has said it will convert into Canadian dollars over time. At Thursday morning's exchange rate of $1.2581 (Canadian), the government would realize $3.287-billion.

The government plans to use the proceeds to help post a surplus, although Ottawa had previously written off much of the $13.7-billion it provided to GM and Chrysler Group LLC when the two auto makers entered chapter 11 bankruptcy protection in the United States in 2009.

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The shares the government sold this week were the final chunk of the common equity given to the federal and Ontario governments in return for their $10.8-billion (Canadian) contribution to the bailout of GM.

The Ontario government sold its remaining stake in the auto maker earlier this year for $1.1-billion.

All told, the government received about $10.2-billion from the sale of shares in both companies, repayment of loans and interest payments, leaving a shortfall of about $3.5-billion.

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