GM Rakes In $1.3B For Remaining Ally, Peugeot Stakes

Law360, New York (December 12, 2013, 3:18 PM EST) -- General Motors Co. has unloaded the last of its stake in onetime insurance division Ally Financial Inc. in a private placement worth $900 million and exited French automaker Peugeot Citroen SA in a separate $362 million transaction, the automaker said Thursday.

In a brief statement, GM did not name the buyers of its 8.5 percent Ally holding, comprised entirely of unlisted shares. The company said it would record a $500 million gain in the fourth quarter as a result of the anticipated sale, a step that...
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