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General Motors has filed the in the ~ place paperwork required for the initial public offering of its shares.

The automaker in like manner said Wednesday that it will list on the Toronto Stock Exchange.

General Motors globe headquarters in Detroit. The automaker says it will list its shares in Toronto. (Paul Sancya/Associated Press)

The collection said the U.S. government and other stakeholders will sell general shares worth $100 million US, and GM will sell preferred shares integrity $100 million.

Those numbers are rough estimates, and the amount raised in the decided stock sale is expected to be much higher.

The company did not immediately indicate the selling price of the shares.

Federal Finance Minister Jim Flaherty related Aug. 13 that Ottawa was “urging” GM to list on the TSX.

“I certainly reckon upon the shares to be listed in Toronto,” Flaherty said. “That is, I account, a reasonable expectation on behalf of the people of Canada seeing that we are a major shareholder in the company.”

On Wednesday, Flaherty afore~ the IPO filing was the latest sign that the company “is forward the road to recovery.”

“We achieved our primary goal of preventing the sinking of the auto sector in Canada,” Flaherty said in a description, “including the parts sector, during this difficult period, and preserving Canada’s town in the auto industry.

“Our success is measured by the thousands of jobs that were saved in the auto sector.”

Ottawa potency sell into IPO

Canada may participate in an initial public offering by General Motors, he said, “but any decision we take is with the goal of maximizing the return for taxpayers while reducing our ownership in the meeting of friends as quickly as is appropriate.”

GM delisted its shares from the New York Stock Exchange in in good time 2009 when the company began a massive reorganization under Chapter 11 bankruptcy protection in the United States. As part of its restructuring, the troop accepted billions of dollars in aid from the American, Canadian and Ontario governments.

GM is impatient to sell stock so it can pay off those loans. Its IPO could have existence the largest in U.S. history. It would have to conduct in $70 billion US to pay back all of GM’s stakeholders.

The put in motion came six days after the automaker announced that Edward Whitacre would step in a descending course as CEO on Sept. 1 and be replaced by board limb Daniel Akerson.

It also reported a $1.3-billion second-location profit, its second-straight positive quarter.

With files from The Canadian Press and The Associated Press