Canada, Ontario to Sell 20% of Its GM Stake In IPO, Canadian Press Reports

The Canadian and Ontario governments will sell about 20 percent of their stake in General Motors Co.’s initial public offering, Canadian Press reported.

The sale represents up to 30 million shares, Canadian Press said, citing Ontario Finance Minister Dwight Duncan.

GM said it will raise as much as $10.6 billion in an initial public offering that will reduce the U.S. government to a minority shareholder in the largest American carmaker.

To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net.

To contact the editors responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net; David Scanlan at dscanlan@bloomberg.net.

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