April 14, 2015
On April 6, 2015, the federal government announced that Canada’s remaining 73,389,831 shares of General Motors Company (GM) common stock would be sold to Goldman, Sachs & Co. in an unregistered block trade. Torys acted as legal adviser to Canada GEN Investment Corporation, a Canadian federal Crown corporation that owned the shares. This block was the Canadian government’s remaining equity stake in GM which it acquired in 2009 as part of a larger investment to boost the auto industry. This is reported to be the largest unregistered block trade executed to date.
To read the government press release, click here.