The Canadian and Ontario governments said on Tuesday they would sell nearly a quarter of their common shares in General Motors Corp, part of a longer-term plan to shed the stock they acquired in 2009 when they helped the U.S. government bail out the automaker.The two governments will sell 30 million GM common shares in a block trade to Bank of America Merrill Lynch and RBC Capital Markets, a unit of Royal Bank of Canada.The Canadian government said the shares were sold at the closing market price on Tuesday, minus a small discount. GM shares finished the session at $37, putting the value of the stake at about $1.11 billion."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.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 0.9% or $0.13/share to $14.61. In the past year, the shares have traded as low as $8.70 and as high as $15.03. On average, 102389000 shares of BAC exchange hands on a given day and today's volume is recorded at 93180784.
Royal Bank of Canada (RBC) is a diversified financial services company. Shares of RY fell by 0.14% or $-0.09/share to $63.90. In the past year, the shares have traded as low as $54.41 and as high as $64.41. On average, 688030 shares of RY exchange hands on a given day and today's volume is recorded at 424900.
Royal Bank of Canada (RBC) is a diversified financial services company. Shares of RY fell by 0.42% or $-0.28/share to $66.10. In the past year, the shares have traded as low as $54.51 and as high as $67.00. On average, 2515820 shares of RY.TO exchange hands on a given day and today's volume is recorded at 1866847.
Source
