GM in Talks to Sell Stake in Mortgage Unit

From Bloomberg News

General Motors Corp. is in “advanced” talks with a group of investors to sell a stake in its commercial mortgage unit to raise cash for the business, a spokeswoman said.

The New York Post, citing unidentified people familiar with the situation, reported that Kohlberg Kravis Roberts & Co. was negotiating to buy a majority stake in the unit for at least $1 billion. Spokeswoman Toni Simonetti declined to comment.

GM shares rose 24 cents to $28.61 on the New York Stock Exchange.