GM said it will buy Ally Financial’s operations in Europe, China, and Latin America as it tries to build a global finance unit to make car loans and boost sales. The auto giant’s US loan business, GM Financial, will pay $4.25 billion for the Ally assets. Ally, which was GM’s financial arm until it was taken over by the US government in the 2008 banking meltdown, is selling assets to raise money to repay the government for a $17.2 billion bailout.
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