Report: GM to sell major stake in GMAC

Report: GM to sellmajor stake in GMAC
General Motors Corp. was expected to announce today that it was selling a majority stake in its finance arm to a private investor group, The Wall Street Journal reported. The group, led by Cerberus Capital Management, will pay about $8 billion for the stake in General Motors Acceptance Corp., the newspaper said Sunday in a report on its Web site, citing people familiar with the matter. GM spokesman Jerry Dubrowski told The Associated Press the report was speculation and declined to comment. The transaction is expected to generate a total of $14 billion in cash for GM, the newspaper said.
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