Canada GEN Investment Corporation, a Canadian federal Crown corporation, announced today it has 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 will be completed April 10, 2015.
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.
Canada GEN, a wholly-owned subsidiary of Canada Development Investment Corporation (www.cdev.gc.ca), holds Canada's equity interest in GM. Following completion of this sale, Canada GEN will have sold all of its remaining shares of GM common stock.
Sale proceeds are denominated in U.S. dollars and will be converted by the Government to Canadian currency gradually over a period of time.
For further information, media may contact:
Department of Finance
Government of Canada