General Motors Sells All $1 Billion Worth Of Ally Shares
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General Motors is officially parting ways with Ally Financial (formerly GMAC) by selling 100 percent of its Series A preferred stock of the company worth $1 billion. Of which, $.3 billion will be recorded in the 2011 first quarter results, giving a boost in the balance sheet. The remaining GM investment in Ally will be a 9.9 percent interest in common stock.
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