Transaction|September 16, 2013
Canada sells additional GM Common Stock
Torys acted as counsel to Canada GEN with a team that included Patrice Walch-Watson, Andy Beck, Thomas Yeo and Mile Kurta.
On September 11, 2013, Canada GEN Investment Corporation (Canada GEN), a Canadian federal Crown corporation, announced it entered into an agreement to sell 30 million shares of its General Motors Company (GM) common stock to BofA Merrill Lynch and RBC Capital Markets, LLC in an unregistered block trade. The sale, reported to be the largest unregistered block trade on record in North America, was completed September 16, 2013.
The shares were sold for an aggregate price of approximately US$1.1 billion.
Acquired in 2009 in connection with the financial support provided to GM by the Government of Canada, Ontario and the United States, following the sale Canada GEN will continue to hold more than 110 million GM common shares and 16.1 million shares of GM Series A Preferred Stock.
Canada GEN Investment Corporation (Canada GEN) is a 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 Canada Development Investment Corporation's website, as well on theglobeandmail.com, cbc.ca and cbj.ca.
The shares were sold for an aggregate price of approximately US$1.1 billion.
Acquired in 2009 in connection with the financial support provided to GM by the Government of Canada, Ontario and the United States, following the sale Canada GEN will continue to hold more than 110 million GM common shares and 16.1 million shares of GM Series A Preferred Stock.
Canada GEN Investment Corporation (Canada GEN) is a 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 Canada Development Investment Corporation's website, as well on theglobeandmail.com, cbc.ca and cbj.ca.