The Canadian government said on Tuesday it had a deal to sell nearly a quarter of its common shares in General Motors Corp, part of a longer-term plan to shed the stake it acquired when it helped bail out the automaker.The government said in a statement it 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.It 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.Canada GEN Investment Corp., the government's holding vehicle for its GM stake, will still own more than 110 million GM common shares when the deal closes on Sept. 16. It will also hold more than 16.1 million preferred shares.
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 $8.53 and as high as $15.03. On average, 102422000 shares of BAC exchange hands on a given day and today's volume is recorded at 93135616.
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.
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