Cerberus, Citigroup among Bidders for GMAC

Hedge fund Cerberus Capital Management and Citigroup, the largest U.S. bank, have teamed up to bid for a controlling stake in General Motors Corp.'s GMAC financial services unit, sources familiar with the situation said on Saturday.

A second team of bidders includes Wachovia Corp., the No. 4 U.S. bank, and private equity firm Blackstone Group, the sources said. Other private equity firms also have toyed with the idea of joining the bidding, other sources said previously.

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