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April 06, 2011

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GM Announces Sale of its Stake in Delphi Automotive for $3.8 Billion

DETROIT - General Motors Company announced the sale of its Class A Membership Interest in Delphi Automotive LLP (Delphi) back to Delphi for $3.8 billion. GM acquired the Class A Membership Interest in October 2009 in conjunction with the creation of Delphi.

"We are systematically delivering on our commitment to strengthen and simplify our balance sheet," said Dan Ammann, GM senior vice president and chief financial officer as of April 1.

GM will report a book gain of approximately $1.6 billion in the first quarter of 2011 related to the sale. Earlier this month, GM sold its Ally Financial Series A preferred stock for $1.0 billion in a registered public offering. The Ally transaction will result in a book gain of $0.3 billion to be recorded in the first quarter of 2011.

(March 31, 2011)

 

 

 

 

 


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