Financial Times FT.com

Canada offers aid to branches of automakers

By Bernard Simon in Toronto

Published: December 13 2008 13:39 | Last updated: December 13 2008 13:39

Canada’s federal government and the province of Ontario have offered about C$3.4bn in aid to the Canadian units of the beleaguered Detroit carmakers, on condition that the US extends a lifeline to their parent companies.

Speaking at a hastily called news conference Friday evening, the industry minister Tony Clement said the funding was justified “by the seriousness of the situation”.

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