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GM to sell 51 pct of GMAC to Cerberus group

Written by: Staff

NEW YORK, April 3 (Reuters) General Motors Corp. on Monday said it had agreed to sell a 51 percent stake in its financing arm, General Motors Acceptance Corp., to a consortium led by hedge fund Cerberus Capital Management LP for billion, payable over three years.

The Cerberus-led investor group, which includes the private equity unit of Citigroup and Japan's Aozora Bank Ltd., had been viewed as the front-runner for the GMAC stake in what has been a complicated and drawn-out bidding process.

GM said GMAC will continue to be managed by its existing executive management following the deal, which is expected to close in the fourth quarter of 2006.


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