GMAC (49 percent own by GM) to join Cerberus bid for Northern Rock

[Toyota.vs.GM]

U.S financial services firm GMAC is preparing to spearhead a bid for British mortgage lender Northern Rock,according to Britain's Sunday Times newspaper.GMAC is to play a role in a bid being put together by private Equity firm Cerberus one of the four groups(Cerberus,Blackstone,Citigroup,Merrill Lynch,) now doing diligence on Northern Rock,the newspaper said without citing its sources.http://www.cnbc.com/id/21514345/for/cnbc/The Original article from the Sunday Times here

Edited October 31, 2007 by Toyota.vs.GM

[Newbiewar]

U.S financial services firm GMAC is preparing to spearhead a bid for British mortgage lender Northern Rock,according to Britain's Sunday Times newspaper.GMAC is to play a role in a bid being put together by private Equity firm Cerberus one of the four groups(Cerberus,Blackstone,Citigroup,Merrill Lynch,) now doing diligence on Northern Rock,the newspaper said without citing its sources.http://www.cnbc.com/id/21514345/for/cnbc/The Original article from the Sunday Times here

hrmm this might suggest, Cerberus might be playing a game with GMAC, growing it to a more valueable value and selling it back to GM...

if they hadnt any intentions of involving GM, you'd think they could use chrysler financial to do the deal, a company they own much more wholly

[daves87rs]

Very interesting....