Ontario Finance Minister Dwight Duncan says the federal and Ontario governments will sell about 30 million of their shares in General Motors.

He says Ontario’s allocation is one third of those shares, which are expected to fetch between $26 and $29 each in an initial public offering expected later this month.

He made the remarks today after GM announced the price range in a filing with the Securities and Exchange Commission.

GM also says it has split its shares three-for-one in advance of the IPO.

Duncan says even if Canadians don’t recoup all the cash they sunk into GM, it’s still a good investment because it saved jobs and the automaking industry in Ontario.

General Motors and its Canadian subsidiary were nearly felled last year by the economic downturn, which compounded years of losses at the automaker.

It survived by filing for bankruptcy protection in the United States and restructuring its operations with the help of billions of dollars in aid from governments both in Canada and the United States.

GM Canada shed about 2,600 jobs with the closure of a truck plant in Oshawa last year. It also shut down a transmission plant in Windsor this year, affecting more than 1,000 workers.

GM Canada currently employs more than 9,000 people at two assembly plants and two parts plants in southern Ontario.