February 5, 2015 / 12:27 AM / 3 years ago

UPDATE 1-Ontario sells remaining stake in General Motors for C$1.1 bln

(Recasts with statement from Ontario)

Feb 4 (Reuters) - The Canadian province of Ontario said on Wednesday it has sold its remaining shares in General Motors Co for approximately C$1.1 billion ($874.89 million).

The government of Canada’s most populous province said it will use the funds to build new public infrastructure, including roads and transit.

The sale netted C$200 million more than the C$900 million target included in the province’s 2014 budget, the province said in a statement.

Ontario said last April that it plans to sell its GM stake over the next year or so. The stock was acquired when the Canadian and Ontario governments contributed more than C$10 billion to a bailout to keep GM afloat. ($1 = 1.2573 Canadian dollars) (Reporting by Nicole Mordant in Vancouver; Editing by Lisa Shumaker and Diane Craft)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below