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article imageOntario provincial governments look to liquidate GM holdings

By Jeannie Stokowski-Bisanti     Apr 18, 2014 in Business
When General Motors emerged from bankruptcy in 2010, the Canadian federal and Ontario provincial governments found themselves among the largest shareholders in one of the biggest automakers in the world and, currently, the governments want to liquidate.
Last week, Minister Charles Sousa announced the implementation of a new policy that would see the Ontario provincial government sell off a large portfolio of assets. On the docket are state-owned assets, utility companies, some valuable pieces of real estate, and the province's GM shares.
According to Bloomberg, the provincial government is convening a panel to determine how best to sell off the assets.
In August, it was reported that the Canadian federal government was also planning to sell its stake in GM, but now the government-owned Canada Development Investment Corporation remains the company's second-largest shareholder with over 110 million shares, behind the UAW healthcare trust with precisely 140 million shares. The Canadian governments, however, may want to wait for GM's stock prices to recover from the recent recall scandal before it begins offloading.
More about Ontario government, Ontario, Province ontario, liquidation, Liquidate
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