GM, according to the filing with the
Securities and Exchange Commission
, will now hold 59.86% of the company. The former stake was 49%.
As part of the federal bailout for GMAC approved late last year, the financing company received $5 billion from the government's $700 billion bank rescue package.
The rest of the GMAC equity is held by private Cerberus Capital Management, a large holder of Chrysler. Cerberus, which led an investment group that bought a 51 percent stake in GMAC from the automaker for $14 billion in 2006, will reduce its stake in
to no more than 33%. Cerberus recently sold a 35% stake in Chrysler to
This article was written by a staff member of TheStreet.com. Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.