DETROIT — According to a news report from Bloomberg, General Motors (GM) is reportedly planning to sell its stake in Ally Financial, which is majority owned by U.S. taxpayers.

The transaction was valued by the Wall Street Journalat about $900 million and was required to be sold by Dec. 24 before the Federal Reserve granted a two-year extension in October.

Representatives from GM and Ally declined to comment to F&I and Showroom.

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