UPDATE 1-GM completes sale of 51-pct stake in GMAC

Newswire

(Adds details, quotes) DETROIT, Nov 30 (Reuters) - General Motors Corp. on Thursday said it completed the sale of a 51-percent stake in finance arm General Motors Acceptance Corp. to a consortium of investors led by Cerberus FIM Investors, LLC. GM expects the deal, which it announced earlier this year, to provide about $14 billion in net cash proceeds over three years. GM, which lost $10.6 billion in 2005, said the deal will provide significant liquidity that will help support the ...

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