Wachovia Pursuing Stake in GMAC

[Ghost Dog]

http://www.smartmoney.com/bn/ON/index.cfm?...109-000270-0950

By David Enrich

Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- Wachovia Corp. (WB) could reach a deal to buy a stake in General Motor Co.'s (GM) finance arm as early as this month, according to the Charlotte Observer.

The newspaper, citing "a knowledgeable source," said Wachovia may join with private-equity firm Kohlberg Kravis Roberts & Co. to acquire a 51% stake in General Motors Acceptance Corp., or GMAC. The Observer said, however, that Wachovia still could walk away from the deal at any time.

GM has been trying to drum up interest among banks in its lucrative finance business, but executives at a number of top financial institutions, including Bank of America Corp. (BAC), Citigroup Inc. © and Wells Fargo & Co. (WFC), haven't been interested.

GM's chief executive, Rick Wagoner, said Sunday during the International North America Auto Show in Detroit that the company is trying to find a buyer as quickly as possible. The situation, he said, "doesn't get better with age."

http://www.miami.com/mld/miamiherald/busin...ng/13570760.htm

Analysts also have said the sale could raise as much as $15 billion for GM,

Edited January 12, 2006 by Ghost Dog

[Guest buickman]

Trying to find a buyer as quickly as possible? This Wagoner is a complete idiot! Now he's not only spinniing GAMC, he's putting it under a RED TAG!

Buickman

Founder

www.GeneralWatch.com

[Newbiewar]

ohh my goodness... if they just stopped giving out loans, they'd pull in at least a billion a month... what do they need to sell it for...