Torys Advises Crown Corporation on Record Block Trade

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.

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