51 percent stake in GMAC goes for 14 billion

General Motors has agreed to a deal that would send 51 percent of GMAC over to a consortium of buyers headed by Cerebus Capital Management LP and including Citigroup and Japan's Aozora Bank Ltd. The $14 billion will be payable over three years after the deal is cut near the end of this year, and existing executive management will continue to lead the company.

[Source: Automotive News]