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Ex-GM car finance outfit targets IPO

Ending the year on a high – sort of – is something General Motors probably didn’t envisage a few months ago. The automotive giant has taken a battering these past few years, but it does seem like they are getting back on their feet.

Ending the year on a high – sort of – is something General Motors probably didn’t envisage a few months ago. The automotive giant has taken a battering these past few years, but it does seem like they are getting back on their feet. And what’s more, the ex-GM car finance outfit has taken a further step to an initial public offering (IPO).

The US Treasury said that it will convert $5.5bn of stock in Ally Financial into normal equity. Treasury official, Tim Massad said: “Ally has made substantial progress in restructuring its operations and improving its financial performance during 2010, and this transaction will position us to begin to exit the investment.”

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