GM’s third largest shareholder is openly courting investment banks for a future share sale.
Canadian and Ontario governments are looking for an investment bank to sell its remaining shares in General Motors, reports Bloomberg citing a source close to the matter.
While no timing is set for the sale, it is well known that the Canadian and Ontario governments do not intend to be long term shareholders in General Motors. The governments are asking investment banks to make pitches on the sale.
As we reported earlier this week, our governments are in a much better financial position on their ownership of GM due to their more conservative approach to selling the shares.
GM common shares closed yesterday at $36.47, $3.47 above their IPO price.