Strike threat sours GM sale optimism

GMAC spreads narrowed to their tightest levels since November after General Motors agreed to sell a majority stake in the finance subsidiary in early April. A private equity consortium led by Cerberus Capital Management emerged as the winning bidder following six months of speculation over potential buyers. The deal, worth $14 billion, will improve GM's cash position but also lose the firm control of its most profitable arm.

Yet the ultimate aim of the deal - GMAC's return to investment-grade

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