GENERAL MOTORS CORP - GM Completes the Sale of Controlling Interest in GMAC.

PR Newswire UK Disclose, November, 2006

 
          GM Completes the Sale of a Controlling Interest in GMAC 
 
    DETROIT, Nov. 30 -- General Motors Corp. (NYSE: GM) today announced that 
it has completed the sale of a 51-percent interest in GMAC to a consortium of 
investors led by Cerberus FIM Investors, LLC and including wholly owned 
subsidiaries of Citigroup Inc., Aozora Bank Ltd. and The PNC Financial 
Services Group, Inc. 
    The transaction will preserve the mutually beneficial relationship between 
GM and GMAC, while improving GMAC's access to cost-effective funding.  In 
addition, the sale of the controlling interest in GMAC will provide 
significant liquidity to GM that will support its North American turnaround 
plan, finance global growth initiatives and strengthen its balance sheet. 
    "This has been a...

            
        
    
    	    
                
                
	

		

					 
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