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Ottawa actively looking to sell stake in GM

The Canadian government is currently searching for investment banks to sell its 140 million shares in General Motors, which are worth $5.1 billion. No timetable has been set, however.

Finance Minister Jim Flaherty stated in December 2012 that Canada doesn’t want to be a long-term shareholder in the once-bankrupt American automaker.

“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 taxpayers,” said Kathleen Perchaluk, a spokeswoman for Flaherty.

Canada is GM's third-largest shareholder behind the U.S. Treasury and the GM-UAW Voluntary Employee Beneficiary Association.

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