Skip to main content

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

Newsletters Subscribe Register My account My account AdChoices

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

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 and Steel and Airline Industry Reporter

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.

Story continues below advertisement

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.

Report an error Editorial code of conduct
Comments

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Subscribe to comment Why do I need to subscribe?

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

I'm a print subscriber, link to my account Subscribe to comment Why do I need to subscribe?

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • All comments will be reviewed by one or more moderators before being posted to the site. This should only take a few moments.
  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed. Commenters who repeatedly violate community guidelines may be suspended, causing them to temporarily lose their ability to engage with comments.

Read our community guidelines here

Discussion loading ...

Read most recent letters to the editor.

Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.
Cannabis pro newsletter