Canada in deal to sell 30 mln GM shares

Tue Sep 10, 2013 6:08pm EDT
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Sept 10 (Reuters) - The Canadian government on Tuesday said it has a deal to sell 30 million shares of General Motors Corp in a block trade to Bank of America Merrill Lynch.

Canada GEN Investment Corp., a government-owned entity, said it still will own more than 110 million GM common shares when the deal closes on Sept. 16. It also will still hold more than 16.1 million preferred shares.

"As we said from the start, our investment in GM was always meant to be temporary as we worked to maximize the return to Canadian taxpayers," Finance Minister Jim Flaherty said in a statement.