The government's stake in the company, set up in the mid-1970s to be a national champion for the industry, was worth CDollars 2.8bn (Dollars 2.1bn) based on Monday's closing share price, although net proceeds from the sale would be considerably lower.
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Canada Ready to Sell Off
US$2.1 billion share final piece of government stake...
The Canadian government will sell its remaining 19 per cent stake in Petro-Canada, the former state-owned oil producer and refiner.
Announcement of the sale came ahead of yesterday's federal budget - the first under Paul Martin, the new prime minister.
The government's stake in the company, set up in the mid-1970s to be a national champion for the industry, was worth CDollars 2.8bn (Dollars 2.1bn) based on Monday's closing share price, although net proceeds from the sale would be considerably lower.
The government's stake in the company, set up in the mid-1970s to be a national champion for the industry, was worth CDollars 2.8bn (Dollars 2.1bn) based on Monday's closing share price, although net proceeds from the sale would be considerably lower.
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