GM to Sell GMAC for $14 Billion

[الشبابي]

السلام عليكم ورحمة الله وبركاته


نص الخبر :

General Motors says that it has reached an agreement to sell a 51 percent stake in General Motors Acceptance Corp., its profitable finance arm, for about $14 billion, the Associated Press reported.

The stake is being purchased by a consortium of investors which will retain its 51 percent share in GMAC while GM keeps lease and retail assets.

GM has sought to sell the GMAC stake to raise cash and restore its debt ratings, the story said.


الوضع سئ وكل واحد يترجم لنفسه ...... :D








اخوكم الشبابي

[مؤيد اف1]

الحين الشركه اذا صارت تبيع شي لازم الوضع سيئ؟


شوف الخبر هنا

http://www.swalif.net/sforum1/showthread.php?t=221415


تحياتي

[bashar_255]

GM مستعدة لبيع 51% من ملكيتها الكامة لمصانع GMAC ( ما ادري اذا كانت تعني GMC )

بتكون قيمة البيع 14 مليار تمويل للدين اللي على GM و بيسدد حساب الدائنون في الشركة



انا اللي اشوفه انها بتفقد صلاحياتها على ماركة GM و يمكن يأثر على سيارات شفرليت مثل بليزر و سوبر بان شفر و غيرهم لأنها بتتنازل عن ادارة هذه الماركة للمالك الجديد

بتسدد دينها و بتوفر وجع راس و يمكن تخسر محرك الفورتك ( وجهة نظر )

[مؤيد اف1]

وين رحت يابشار :D



شوف نص الخبر الرسمي هنا وبتعرف ويش صاير


Wagoner: GMAC sale will fund GM turnaround

Jamie LaReau | | Automotive News / April 3, 2006 - 8:15 am



DETROIT -- General Motors CEO Rick Wagoner said the $14 billion deal to sell 51 percent of General Motors Acceptance Corp. will help the automaker complete its turnaround plan in North America.

GM on Monday announced a deal to sell a controlling stake in its financing subsidiary to a consortium led by hedge fund Cerberus Capital Management LP.

The long-awaited sale will generate much-needed cash for GM, which reported a $10.6 billion loss in 2005. GM hopes the move will restore the financing unit's credit rating to investment-grade status, giving it better profits on loans.

"This will provide GMAC with a stronger financial position and help it sustain growth," Wagoner said during a morning press briefing at GM's headquarters here.

Wagoner said GMAC is not a "cash cow" but generates a lot of earnings for GM.

"The good news coming out of this transaction is we expect GMAC to resume its earnings growth, and we'll be 49 percent of that," Wagoner said. "I think it's a good deal."

So does Wall Street. GM shares rose almost 3 percent in premarket trading.

Wagoner said that in the long term, GMAC earnings will stabilize and its opportunity for financial growth is greater.

The Cerberus-led investor group includes the private equity unit of Citigroup and Japan's Aozora Bank Ltd, a portfolio company of Cerberus.

Wagoner said proceeds from the deal will support GM's North American turnaround plan. The deal also will help finance GM's growth, strengthen its balance sheet and fund other corporate priorities.

GM said it expects to receive about $14 billion in cash from the transaction over three years, including distributions from GMAC, with an estimated $10 billion due by closing in the fourth quarter of this year.

The $14 billion includes $7.4 billion from the Cerberus-led consortium at closing and an estimated $2.7 billion cash distribution from GMAC related to the conversion of most of GMAC and its U.S. subsidiaries to limited liability companies.

GMAC executives feel confident GMAC can get a stable investment credit rating once the deal is closed, GMAC CEO Eric Feldstein said at the press briefing. GM's Residential Capital Corp., its residential mortgage subsidiary, will stabilize above investment grade, he said.

GM said it will retain GMAC's automotive lease and retail assets and associated funding with an estimated net book value of $4 billion that will monetize over three years. GM will take a noncash pretax charge to earnings of $1.1 billion to $1.3 billion in the second quarter of 2006 associated with deal.

Fitch Ratings said on Monday it had put GMAC on watch for a likely upgrade.

GM and the consortium will invest $1.9 billion of cash in preferred equity in the new GMAC - $1.4 billion to be issued to GM and $500 million to the Cerberus group.

GM also said Citigroup will arrange two syndicated asset-based funding facilities that total $25 billion, which will support GMAC's ongoing business. Citigroup has committed $12.5 billion to these two facilities.

The GMAC board of directors will have 13 members - six appointed by the consortium, four appointed by GM and three independent members. GMAC will continue to be managed by its existing executive management. GMAC's staffing level is expected to remain constant.

Under the agreement, GM will have an option for 10 years to acquire GMAC's automotive finance operations, under conditions that include an investment-grade debt rating at GM.

Shares of GM rose to $21.85 on the Inet electronic brokerage system from a close of $21.27 on the New York Stock Exchange on Friday.

GMAC's 8 percent bonds due in 2031 rose to 96.25 cents on the dollar, up from 94.75 cents on Friday, according to MarketAxess.


وهذا ملخص البيعه والهدف منها

Details of the deal
The following are the key points of General Motors's sale of a 51 percent stake in its financing arm, General Motors Acceptance Corp.:

GM will receive $14 billion in cash as part of the transaction, including $7.4 billion from the consortium at closing and an estimated $2.7 billion cash distribution from GMAC related to the conversion of most of GMAC and its U.S. subsidiaries to limited liability companies.

In addition, GM will retain GMAC automotive lease and retail assets and associated funding with an estimated net book value of $4 billion that will monetize over three years.

GM and the consortium will invest $1.9 billion of cash in new GMAC preferred equity -- $1.4 billion to be issued to GM and $500 million to the consortium.

GM will continue to receive its 49 percent share of common dividends and other value generated by GMAC.

GM will take a non-cash pre-tax charge to earnings of approximately $1.1 billion to $1.3 billion in the second quarter of 2006 associated with the sale.

Citigroup will arrange two syndicated asset-based funding facilities that total $25 billion which will support GMAC's ongoing business. Citigroup has committed $12.5 billion to these two facilities.

GM has an option for 10 years to acquire GMAC's global automotive finance operations, under certain conditions, including an investment-grade rating at GM.

[Eclipse]

GMAC is a Financial Institution!!! It has nothing to do with the car business!

It's just owned by GM!

Maybe its a good move to pay the debt!!:D

Eclipse

[bashar_255]

القميص كل ما جيت تغسله يتعب كل ما جيت تغسله يتعب

و تشوفه نظيف

الهندي اللي غاسل قميصه 60 مرة و حاط فلوسه بجيب القميص يجيه واحد 15 سنة على همبرتة و يسحب الفلوس من جيبه و معاها نص القميص :D