UPDATE 1-GM to expand to 1,000 engineering jobs in Canada

[OneBlueDotBama]

3. Canada loses $800M Canadian in GM bailout

The Canadian federal government sold its nearly 73.4 million shares of General Motors Co. stock on Monday for about $2.61 billion, putting its losses likely around $800 million Canadian for its financial bailout support of the Detroit automaker.

Canada GEN Investment Corp., which held Canada’s equity interest in GM, sold its stake at $35.61 a share, according to a regulatory filing. The sale could net the Canadian federal government about $3.3 billion in Canadian dollars based on Thursday’s U.S. exchange rate.

Canada GEN Investment Corp. said Monday it would sell its 4.6 percent stake in GM in a block sale this week to investment bank Goldman Sachs & Co. But it said it would convert the U.S. dollars into Canadian currency “gradually over a period of time.”
http://www.detroitnews.com/story/business/autos/general-motors/2015/04/09/canada-loses-canadian-gm-bailout/25559951/