GM to Examine GMAC Bids Feb. 6
NEW YORK -- The board of General Motors Corp. will examine bids for a controlling stake in its lucrative financial services business, General Motots Acceptance Corp., at its next scheduled meeting on Feb. 6, Reuters reported.
NEW YORK -- The board of General Motors Corp. will examine bids for a controlling stake in its lucrative financial services business, General Motots Acceptance Corp., at its next scheduled meeting on February 6, Reuters reported.
Wachovia Corp. has teamed up with private equity firm Kohlberg Kravis Roberts & Co. to bid for the controlling stake in GMAC, sources close to the transaction told Reuters.
Another joint bid could come from a unit of Citigroup, the largest U.S. bank, and hedge fund Cerberus Capital Management, the sources said.
News reports have suggested any Citigroup involvement could occur through its private equity unit, Citigroup Alternative Investments.
Bank of America Corp., which in July 2005 agreed to buy up to $55 billion in car loans from GMAC, declined to comment on speculation it is interested in buying the controlling stake in GMAC.
Analysts said a controlling stake could fetch between $10 billion and $15 billion, according to Reuters.
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