GM Makes Bid for Ally's Overseas Operations

By: Associated Press
By: Associated Press

DETROIT (AP) -- General Motors Co. is bidding for Ally Financial's international operations.
GM said Monday that its financing arm, GM Financial, submitted a bid last month for Ally's operations in Canada, Mexico, Europe and Latin America. The automaker didn't say how much it offered.
GM is one of several bidders for Ally's international operations, which hold $31 billion in assets.
Ally, which is 74 percent owned by the U.S. government, was GM's financial arm until the banking industry meltdown in 2008. It needed a $17.2 billion bailout to survive the downturn. It has paid back $5.5 billion so far.
The sale of its international operations would help Ally pay back the government.
GM shares fell 7 cents to close at $20.47.


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