General Motors shares unloaded by Ontario government
Province expected to net $1.1B from sell-off of shares acquired during bailout
Ontario has sold all of its remaining shares in General Motors, a move that is expected to net the province an estimated $1.1 billion.
The province issued a news release after the close of markets on Wednesday about the transaction. It said the gain on the shares it sold was more than the $900-million target it had previously set.
The release said the proceeds from the sale will be directed to the Trillium Trust, which in turn will invest the money "to help build a new generation of public infrastructure that will improve the province's long-term competitiveness and the well-being of all Ontarians."
The provincial government had obtained the shares after making an investment in GM during the last recession.
At that time, the province had partnered with the federal government to make billions of dollars in financial assistance available to both GM and Chrysler.
In a statement on Wednesday, Finance Minister Charles Sousa said the provincial government "is proud to have been able to play an important role in protecting thousands of jobs across the province through its support of the auto sector in 2009."
With files from The Canadian Press