UPDATE 3-GM selling Allison for $5.6 bln; shares jump

Newswire

(Adds analyst comment, background, byline, updates stock price) By Jui Chakravorty DETROIT, June 28 (Reuters) - General Motors Corp. said on Thursday it will sell its Allison Transmission unit for $5.6 billion to private equity firms Carlyle Group and Onex Corp. , sending the automaker's shares to their highest level in 2-1/2 years. GM shares rose as much as 3.3 percent, hitting their highest level since January 2005, as analysts speculated the automaker could use the proceeds from the ...

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