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SEARCHCitigroup Inc. has joined Cerberus Capital Management LP in a group that may bid between $11 billion and $15 billion for General Motors Corp.'s finance unit, according to Bloomberg.com.
Citigroup Inc. has joined Cerberus Capital Management LP in a group that may bid between $11 billion and $15 billion for General Motors Corp.'s finance unit, according to Bloomberg.com.
The bidders for a 51 percent stake in General Motors Acceptance Corp. include another group headed by Wachovia Corp. and Kohlberg Kravis Roberts & Co., people familiar with the negotiations told Bloomberg.com.
General Motors, the world's largest automaker, needs to sell the unit to cut borrowing costs for auto loans after credit-ratings companies such as Standard & Poor and Fitch Rating cut its debt to junk. Detroit-based GM lost $8.6 billion in 2005 as it struggled to pay increased health-care bills and lost U.S. market share.
After a sale, S&P has said it may reward GMAC with an investment grade rating. Because of the potential sale, S&P rates GMAC BB, three steps above GM and two levels below non-investment grade.
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