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Deutsche Bank AG has reached a tentative agreement to buy General Motors' GMAC Commercial Mortgage unit for about $1 billion, sources close to the situation said on Oct. 24, according to a Reuters report.
The transaction, if finalized, would allow General Motors Corp. to redirect capital to other areas of its GMAC unit, which finances everything from auto loans to residential mortgages, Reuters said.
The two sides hope to complete the deal in the next week, though the negotiations could still break down, according to sources.
Reuters said a General Motors spokesman declined to comment on the talks, saying only: "The (sale) process is ongoing, but we are not ready to announce anything at this time."
Deutsche Bank did not immediately return a call seeking comment.
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