Canada Revalues GM Stake, Cuts Debt

The Canadian federal government has revalued its stake in General Motors, allowing it to cut the country’s debt by $2.2 billion, Bloomberg reports. The revaluation has also triggered a $1.2 billion transfer expense to the government of Ontario, to reflect its participation in Canada’s GM holdings.

The transfer helped expand the country’s November budget deficit to $4.47 billion from a deficit of $4.36 billion a year earlier. Canada had sold 30 million of its 175 million shares in the car maker’s initial public offering at $33 per share in November.

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