UPDATE 1-Decision looms on GMAC stake sale; Cerberus leads

Newswire

(Adds background, details, investor quote) By Mark McSherry NEW YORK, March 31 (Reuters) - The board of General Motors Corp. is edging toward a decision this weekend on whether to sell a controlling stake in General Motors Acceptance Corp., its financial services business, for about $11 billion, sources familiar with the negotiations said on Friday. A consortium that includes hedge fund Cerberus Capital Management LP and the private equity unit of Citigroup is viewed as a front runner ...

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