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Sells - USA - GM considering sale of controlling stake in financing division
DETROIT,Mich,USA -The Detroit News/AP, by Dee-Ann Durbin -Oct 17, 2005: -- General Motors Corp. said Monday it is considering selling a controlling interest in its profitable finance arm, General Motors Acceptance Corp., despite the boost GMAC is giving to the struggling automaker's bottom line... GM Chairman and CEO Rick Wagoner said the decision to sell was driven by GMAC's credit rating, which was downgraded along with GM to junk status earlier this year. A rating below investment grade makes it harder for GMAC to borrow money... GM will spend several months selecting a strategic partner who would buy a stake of more than 50 percent, Wagoner said...
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