ANNOUNCEMENT 30 Mar 2009In March 2009, the government of Canada announced a change in private-sector financial support.
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At the height of the financial crisis in 2009 the federal government of Canada and the province of Ontario acquired stakes in General Motors (GM) as part of the wider bail-out of the North American automotive industries. Taken together these two governments came to hold nearly 141 million common shares in GM worth $5.3 billion in 2013. The federal government held about two-thirds of these shares and the government of Ontario about one-third. They received these shares after they joined with the U.S. government in a bailout of both GM and Chrysler Group LLC. This included $13.7 billion devoted to protecting Canada's auto sector, including $10.8 billion for General Motors and $2.9 billion for Chrysler.
Canadian Finance Minister Jim Flaherty's office announced that Ottawa wants to sell the shares, but to do so in a way that will reap the greatest return. According to a statement by Kathleen Perchaluk, press secretary to Flaherty, 'The government of Canada remains committed to exiting from ownership of GM as quickly as feasible, while maximizing the value of the government's interests for Canadian taxpayer.' She said the Canada GEN Investment Corporation, which holds the government's share in GM, 'examines on an ongoing basis, opportunities to divest those shares.'