GM 'Moving Pretty Fast' to Sell GMAC Stake, Finance Chief Says

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00010545-gm-moving-pretty-fast-to-sell-gmac-stake-/

General Motors Corp., the world’s largest automaker, is “moving pretty fast” with its plan to sell a controlling stake in its finance unit, the company’s new chief financial officer said in an interview.

Chief Executive Officer Rick Wagoner said in October that GM needs to sell 51 percent of General Motors Acceptance Corp. to boost GMAC’s debt rating and lower borrowing costs. Burnham Securities Inc. estimated the sale could raise $15 billion.

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