GM Confirms Sale of Ally Financial Shares

General Motors Co. confirms it has sold its remaining 8.5% holding in Ally Financial Inc. for about $900 million in a private placement.

The Wall Street Journal reported the impending deal last week.

GM has been preparing to shed the stake in Ally, its former GMAC financial unit, for a year. The carmaker lost control of GMAC when it sold most of the unit to Cerberus Capital Management and other investors in 2006.

Since them GM had acquired Ally's operations in Europe and Latin America, merging them into its new GM Financial subsidiary.