Ally Financial announced that it has reached an agreement to sell its operations in Europe and Latin America, as well as its share in a joint venture in China, to General Motors Financial Company, a wholly-owned subsidiary of General Motors. The transaction is subject to regulatory approvals and is expected to close in stages during 2013. Ally will receive an approximately $550M premium to tangible book value, which for Q3 was approximately $3.7B. Based on the Q3 tangible book value for the combined operations, Ally would receive approximately $4.2B in proceeds from this transaction.
Stocks mostly declined for a third day on Friday, putting indexes on track for their first negative week since …