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Canada, Ontario Sell Part Of General Motors Co Stake For About $1.1 Billion-Reuters


Tuesday, 10 Sep 2013 08:49pm EDT 

Reuters reported that The Canadian and Ontario governments said they would sell nearly a quarter of their common shares in General Motors Corp, part of a longer-term plan to shed the stock they acquired in 2009 when they helped the U.S. government bail out the automaker. The two governments will sell 30 million GM common shares in a block trade to Bank of America Merrill Lynch and RBC Capital Markets, a unit of Royal Bank of Canada. The Canadian government said the shares were sold at the closing market price on Tuesday, minus a small discount. GM shares finished the session at $37, putting the value of the stake at about $1.11 billion.