U.S. to Sell Shares in Ally Financial Worth $3 Billion

The U.S. Dept. of the Treasury says it will sell 410,000 of the common shares it holds in Ally Financial Inc. formerly the GMAC financial unit of General Motors for $3 billion.

The private offering will leave the government with about 572,000 shares, or 37% of the Ally's stock, according to Bloomberg News.

Last month General Motors Co. sold its remaining 8.5% stake in Ally for about $900 million. GM has acquired Ally's operations in Europe and Latin America and merged them into its new GM Financial subsidiary.

The Treasury Dept. became Ally's 74% owner when the company received $17.2 billion in federal bailout money in 2009. After the latest stock sale, the government will have recouped about $15.3 billion of that investment, Bloomberg says.