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GM Announces Sale of its Stake in
Delphi Automotive for $3.8 Billion
DETROIT - General Motors Company
announced the sale of its Class A Membership Interest in Delphi
Automotive LLP (Delphi) back to Delphi for $3.8 billion. GM
acquired the Class A Membership Interest in October 2009 in
conjunction with the creation of Delphi.
"We are systematically delivering
on our commitment to strengthen and simplify our balance sheet,"
said Dan Ammann, GM senior vice president and chief financial
officer as of April 1.
GM will report a book gain of
approximately $1.6 billion in the first quarter of 2011 related
to the sale. Earlier this month, GM sold its Ally Financial
Series A preferred stock for $1.0 billion in a registered public
offering. The Ally transaction will result in a book gain of
$0.3 billion to be recorded in the first quarter of 2011.
(March 31, 2011) |
