Archived - Government of Canada Announces the Divestiture of its Remaining Shares in General Motors

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Creating jobs, growth and long-term prosperity remains Government's top priority

April 6, 2015 – Ottawa, Ontario – Department of Finance

Finance Minister Joe Oliver today announced the divestiture of Canada’s remaining interests in General Motors Company (GM).

Canada GEN Investment Corporation (Canada GEN) sold all of Canada’s remaining GM common shares (73,389,831 shares) to Goldman, Sachs & Co in an unregistered block trade. Further details about the share sale will be made available when Canada GEN reports its trade with U.S. and Canadian securities regulators in the next several days.

With completion of the sale, the Government of Canada has fulfilled its commitment to exit from ownership of GM as quickly as appropriate while maximizing the value for Canadian taxpayers.

Quick Facts

  • Canada's auto sector is the largest industry within the Canadian manufacturing sector and a key driver of the economy, employing 117,000 Canadians directly and another 377,000 indirectly in automotive assembly and automotive parts production.
  • It is estimated that approximately 52,000 Canadian jobs were protected by the Government's action to help secure the health and sustainability of Canada's auto sector in the midst of a global recession.
  • The Canadian economy has posted one of the strongest job creation records in the Group of Seven (G-7) over the recovery, with over 1.2 million jobs created since July 2009.

Quote

“With today’s announcement, we have eliminated a market exposure for Canadian taxpayers and returned GM to private sector ownership, having supported its continued contribution to the Canadian economy. As we said from the start, our investment in GM was always meant to be temporary. We never believed the Government should be a shareholder of a private sector company for an indefinite period of time.”

- Joe Oliver, Minister of Finance

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Media Contacts

Melissa Lantsman
Director of Communications
Office of the Minister of Finance
613-369-5696

Stéphanie Rubec
Media Relations
Department of Finance
613-369-4000

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