Northern Rock is acquisition target of GMAC-sources

Newswire

NEW YORK, Nov 21 (Reuters) - Distressed UK mortgage lender Northern Rock is an acquisition target of U.S. finance company GMAC, sources told Reuters on Wednesday. Earlier on Wednesday, GMAC said it was considering the purchase of a "large non-U.S. mortgage lending institution," but did not identify the target. GMAC is 51 percent owned by a consortium led by private equity firm Cerberus. On Tuesday, another source told Reuters that Cerberus has submitted a bid for Northern Rock. GMAC, ...

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