GMAC FINANCIAL SERVICES SOLD FOR $14 BILLION
General Motors Chairman and CEO Rick Wagoner (center) shakes hands with Cerberus Capital Management COO and Senior Managing Director Mark Neporent (left), and General Motors Acceptance Corp. Chairman and CEO Eric Feldstein, Monday, April 3, 2006 in Detroit, Mich. GM announced an agreement to sell a 51-percent controlling interest in GMAC to a consortium of investors led by Cerberus Capital Management, Citigroup Inc., and Aozora Bank Ltd. for approximately $14 billion over three years. GMAC is GM's lending institution, which finances a variety of loans. (UPI Photo/General Motors/John F. Martin)
UPI Related News
DETROIT, Dec. 29 (UPI) -- A failure at U.S. lender GMAC could undermine the survival of auto giant General Motors Corp., an industry analyst says.
WASHINGTON, Dec. 25 (UPI) -- The U.S. Federal Reserve has given permission for automotive financial firm GMAC to become a bank, which will allow it to apply for federal bailout funding.
DETROIT, Nov. 1 (UPI) -- Former General Motors Corp. executive Steve Girsky has been hired by the United Auto Workers union to advise it on automaker merger talks, sources say.
WASHINGTON, Oct. 28 (UPI) -- U.S. automaker General Motors and Cerberus Capital Management have asked the government for a $10 billion loan that includes an equity swap, a source said.
DETROIT, Oct. 22 (UPI) -- The French and Japanese Renault-Nissan alliance has proposed purchasing around 20 percent of Chrysler LLC, sources said.
DETROIT, Oct. 20 (UPI) -- U.S. auto giants Chrysler and General Motors are looking for government help in financing a merger, unnamed sources close to the discussions said.
DETROIT, Oct. 12 (UPI) -- Detroit could suffer another significant blow if the merger of Chrysler and General Motors becomes a reality, sources told the Detroit Free Press.
DETROIT, Oct. 11 (UPI) -- Cerberus Capital Management LP is talking to General Motors Corp. about the possibility of acquiring the Detroit automaker's lending division.
DETROIT, Oct. 10 (UPI) -- General Motors Corp. and Chrysler LLC are discussing a merger that could reduce the Big Three U.S. automakers to the Big Two, The New York Times said Friday.
AUBURN HILLS, Mich., Aug. 5 (UPI) -- U.S. auto giant Chrysler LLC is at a crossroads one year after Cerberus Capital Management LP took over, industry analysts said.
