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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

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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About the Author
Auto and Steel Industry Reporter

Greg Keenan has covered the automotive and steel industries for The Globe and Mail since 1995. He also writes about broader manufacturing trends. He is a graduate of the University of Toronto and of the University of Western Ontario School of Journalism. More

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