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GM to buy AmeriCredit
Reuters
Last Updated IST

General Motors Co plans to buy auto finance company AmeriCredit Corp for $3.5 billion in a cash deal financed by government bailout money and aimed at removing a major investor concern before a planned Intial Public Offer. The deal would give General Motors an in-house lending arm for the first time since it sold a controlling stake in GMAC in 2006 and offer riskier forms of financing including subprime loans and leases.

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(Published 23 July 2010, 20:59 IST)