States sell down General Motors

The US and Canadian governments have sold off shares in General Motors in recent days, taking the car firm closer to escaping state control. America’s Troubled Asset Relief Program (Tarp) raised $811m (£513m) by selling down its stake in GM during August, a report to the Treasury revealed, taking the total it has recovered from the 2009 bailout to $35.4bn. The Canadian finance ministry sold 30m shares in a block trade, cutting its stake to eight per cent.