* Canada and Ontario became GM shareholders in 2009 bailout
* Ontario minister says not job of gov't to be shareholder
* Paper says sale would help reduce gov't deficits
Nov 30 The Canadian and Ontario governments
should sell their stake in General Motors Co, which is
equal to about 9 percent of GM's shares, sooner rather than
later, the province of Ontario's finance minister is quoted as
saying in a report in the Globe and Mail newspaper on Friday.
The two governments became shareholders in GM in 2009 when
they contributed a combined C$10.8 billion ($10.89 billion) to a
bailout to keep GM afloat.
"There's certain restrictions on how many (shares) we can
move at once and so on, but the sooner we're out of the stock
the better," Ontario Finance Minister Dwight Duncan told the
"I just don't think governments should be buying and holding
stocks in private-sector companies," he said.
Selling the stock would give an immediate boost to the
coffers of both governments, which are both trying to reduce
their budget deficits, the Globe said. The governments' stake in
GM, made up of around 140 million common shares and 16.1 million
preferred shares, was worth C$3.5 billion at the end of
Federal Finance Minister Jim Flaherty has said Ottawa
intends to sell its remaining shares in GM over time but that it
will ensure that it gets a good deal for taxpayers.