U.S. Treasury to sell some Ally Financial shares «
The Treasury Department said Thursday that it expects to sell 410,000 shares of Ally Financial Inc. common stock in a private offering. In a statement, the agency said the sale price will be set at $7,375 per Ally share, and as a result, taxpayers will recover $3 billion from the offering. Treasury said it will hold 37% of the Ally’s shares when the sale is completed. Ally, formerly known as GMAC Inc., the in-house lender for General Motors Co, gave the government stock in return for assistance during the financial crisis under the government’s Troubled Asset Relief Program. Treasury said it will continue to work with Ally to continue to further wind down its investment. Ally is looking to launch an initial public offering this year, according to a recent report in the Wall Street Journal.