Auto Winners & Losers: GM
GMAC's transition to a bank holding company may spark more lending, but does mean a loss of control for its owners. The Fed order requires GM to reduce its stake to less than 10% of the lender's total equity, with Cerberus holding no more than 33%.
Shares of Ford rose 8.5% to $2.29. Stipulations of the rescue money over time may let GMAC offer loans to third parties unaffiliated with GM. U.S.-listed shares of foreign automakers also climbed. Toyota (TM Quote) rose 4.2% to $63.65, Nissan (NSANY Quote) added 5.2% to $6.85, and Honda (HMC Quote) gained 5.2% to $20.62. Daimler (DAI Quote) shares rose 1.4% to $35.02.- Loading Comments...
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