Washington » The Treasury Department says it plans to sell 410,000 shares of Ally Financial for $3 billion as part of its ongoing effort to recoup the costs of the $700 billion financial bailout.
The shares will be offered in a private offering at $7,375 each.
After the completion of the stock sale, the department says the U.S. government will have recovered about $15.3 billion, or 89 percent of the $17.2 billion it provided to Ally during the financial crisis. The government will still hold about 37 percent of the bank holding company’s stock.
Ally Financial received a total of $17.2 billion in government support during the financial crisis. The bank holding company, based in Detroit, makes loans to GM customers and finances dealer inventories.
Ally Bank, headquartered in Midvale, is a subsidiary of Ally Financial.
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