States sell down General Motors

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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.