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GM sells GMAC

General Motors has announced the sale of a controlling stake in its financial services division - which owns UK-based fleet management company Masterlease - in a multi-billion pound deal.

The deal for a 51% controlling stake in General Motors Acceptance Corporation (GMAC) is worth $14 billion (£8 billion).

A consortium that includes hedge fund Cerberus Capital Management and the private equity unit of Citigroup will buy the stake.

View the press statement here.

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