Ontario government sells remaining GM shares for $1.1B
Posted February 4, 2015 6:39 pm.
This article is more than 5 years old.
The Ontario government has sold its remaining shares in General Motors for approximately $1.1 billion.
The province, along with the federal government, invested in the automaker to help save Canadian manufacturing jobs after the Detroit-based company filed for bankruptcy in the U.S. in 2009.
“The Ontario 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,” Finance Minister Charles Sousa said in a statement.
“Today’s announcement marks an important step in unlocking the value of the province’s assets to continue to grow our economy and invest in public infrastructure for the well-being of all Ontarians.”
The money from the sale will go into the Trillium Trust, which will help build public infrastructure.
