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.

By Erin Mays
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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]