US reduces its stake in Ally

City A.M. Reporter
THE US Treasury Department yesterday announced plans to sell 410,000 shares in auto lender Ally Financial as part of its effort to unwind its financial bailout fund.

The Treasury said it expected taxpayers to recover about $3bn from the private offering of Ally common stock at $7,375 per share. The sale would reduce the government’s stake to 37 per cent, it said. The government pumped $17.2bn into Ally in the financial crisis.