Canadian Finance Minister Jim Flaherty said on Wednesday the government has no immediate plans to sell its stake in General Motors Co but it will divest eventually, even as the U.S. Treasury sells the rest of its stake over the next 15 months.

"We've always been clear about two things. One, that we will not have a fire sale - we will not sell the shares without getting the best value we can for Canadian taxpayers - and secondly, that we are a Conservative government. We are not interested in the long-term in being shareholders in private corporations," Flaherty told reporters in Toronto.

"Over time we do intend to divest. On the timing, I'll have to get back to you."