- The Treasury has sold $3B worth of shares in Ally Financial in a private placement to unnamed institutional investors, cutting its stake to 37% from 64%
- The deal involved 410,000 shares priced at $7,375 each.
- With the deal, the government will have recovered $15.3B of the $17.2B bailout it provided the financing arm of General Motors during the financial crisis.
- Ally now might pursue "a public offering, private sale of its common shares, or other alternatives." (PR)
Treasury cuts Ally stake to below 50% with $3B deal
Jan 17 2014, 02:23 ET