Norinchukin Bank, the main bank for agricultural cooperatives in Japan, is planning to join a U.S.-led consortium that will purchase a controlling stake in the finance unit of General Motors Corp., sources said Tuesday.
Norinchukin may invest some $1 billion in the purchase of General Motors Acceptance Corp., better known as GMAC.
The struggling U.S. auto giant is planning to sell assets, including the finance company, as well as equity stakes in other automakers, including Suzuki Motor Corp., as part of a restructuring plan.
The consortium, which is led by U.S. buyout specialist Cerberus Capital Management LP and includes a Citigroup Inc. unit, has reportedly offered to buy a controlling stake in GMAC.