General Motors Corp (GM)

[vincen71]

GM exits Ally Financial
11:10 AM ET · GM

General Motors (GM +0.7%) has sold its approximate 8.5% stake in Ally Financial for $900M reports Bloomberg, and expects to record a gain of $500M.
The plan to sell Ally in a private placement had been reported last week, and the execution comes in the same week as the Treasury exited the rest of its position in the automaker.
The government remains the majority owner of Ally - formerly GMAC - which no doubt has its own IPO plans ... timing to be determined.
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