Canada does not intend to remain a long-term GM shareholder

Fri Jan 4, 2013 1:05pm EST
 

OAKVILLE, Ontario (Reuters) - The Canadian government does not intend to keep its stake in General Motors Corp (GM.N: Quote) over the long term, but will not be influenced by the United States on when to sell, Prime Minister Stephen Harper said on Friday.

"We are not bound by what the United States decides, the government of Ontario is not bound by what we decide," Harper said after announcing a renewal of a fund to subsidize automotive innovation in Canada.

"We have sold some of our shares ... We'll sell them in a way that attempts to maximize the value for the Canadian taxpayer. But obviously in the long term it is not the intention of the government of Canada to be an owner in the automobile sector."

(Reporting by Cameron French; Writing by Randall Palmer; Editing by Chizu Nomiyama)

 
The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan in this file photograph taken August 25, 2009. REUTERS/Jeff Kowalsky/Files