Canada divests its remaining shares in General Motors
On April 6, 2015, Canada GEN Investment Corporation (Canada GEN) announced that it entered into an agreement to sell 73,389,831 shares of its General Motors Company (GM) common stock to Goldman, Sachs & Co in an unregistered block trade. The sale is one of the largest unregistered block trades on record in North America.
The shares were sold for an aggregate price of approximately US$2.6 billion.
Upon completion of the sale on April 9, 2015, Canada GEN had sold all of Canada's remaining shares of GM common stock.
Canada GEN Investment Corporation (Canada GEN) is a wholly-owned subsidiary of Canada Development Investment Corporation, a federal Crown corporation that manages government investments.
GM is one of the world's largest automakers. With its global headquarter in Detroit and its Canadian headquarters in Oshawa, Ontario, it manufactures vehicles and vehicle powertrains, and markets its vehicles and related services across Canada.
Further information can be found on the Wall Street Journal's website.