G.M. Puts Up Its GMAC Stake to Get a $4 Billion Credit Line
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DETROIT, May 23  â The General Motors Corporation has put up a 49 percent stake in its former financial arm as collateral for a $4.1 billion revolving line of credit, the company said late Wednesday.
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GMAC LLC, the auto and mortgage lender controlled by Cerberus Capital Management LP , may face "substantial difficulty" if credit markets do not improve, Cerberus founder Stephen Feinberg wrote in a January letter to investors, Bloomberg News reported on Thursday.
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TOKYO (CBS.MW) - General Electric Co. said Wednesday it will buy Australian Financial Investments Group, a holding company for home loan lenders, to boost its mortgage business in that country.
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Canada-based Brookfield Asset Management  Inc. (BAMa.TO) has made a takeover approach for Australia's A$4  billion ($3.1 billion) Multiplex Group Ltd. , the  construction and property group said, sending its shares up 7.5  percent.
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General Motors Acceptance Corp. plans to sell $2.7 billion of securities backed by auto loans on Wednesday, a person familiar with the deal said on Tuesday.
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Bracing for billions of mortgage losses in the fourth quarter, Merrill Lynch said it planned to sell most of its middle-market lending business to General Electric.
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General Motors Corp. will offer its broadest and longest spread of interest-free loans later this month when it holds a three-day sale to clear inventories of 2004 model-year vehicles, dealers said on Tuesday.
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Shares of Gabriel Resources Ltd. soared nearly 52 per cent today after the miner announced a financing deal that will see the world&#39;s biggest gold producer, Newmont Mining Corp.
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General Motors posted better-than-expected fourth quarter financial results, but indicated that its efforts to shave costs are not behind it as it offered buyouts to 74,000 employees - its entire U.S. hourly workforce.
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General Electric Co., the world&#39;s biggest company by market value, said it will buy back as much as $15 billion in stock and raise its dividend as Chief Executive Jeffrey Immelt&#39;s growth strategy generates more cash and profit.
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Morgan Stanley will pay $4.4 million to settle a class-action lawsuit with brokerage clients who bought precious metals and paid storage fees.
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Mortgage company raises financing using mortgages as collateral.
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Sears, Roebuck and Co.&#39;s stock shot up Friday on news that a New York-based real estate investment trust had purchased a 4.3 per cent interest in the huge department store chain.
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General Motors Corp  on Friday  said it had terminated a $4.1 billion standby credit agreement  with a syndicate of banks, saying it had sufficient liquidity  without the borrowing arrangement.
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PepsiCo. Inc., the world&#39;s No. 2 soft- drink maker, plans to buy General Mills Inc.&#39;s 40.5 percent stake in their European snacks joint venture for $750 million in cash.
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GMAC, the former finance arm of General Motors Corp. , said on Tuesday it would receive another $1 billion from GM and warned it would be hit by pressure from a weakening market for U.S. mortgages.
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Related Companies said it would receive $1.4 billion in equity and debt investments from a group including Goldman Sachs, Michael Dellâs MSD Capital and Mubadala Development.