Wednesday, May 9, 2007

GMAC unit to buy Prov Financial's motor insurance arm

(Reuters) - Provident Financial, which specializes in doorstep loans, said on Wednesday it would book a pre-tax exceptional gain of around 70 million pounds from the sale to GMAC unit Car Care Plan, adding it expected the deal to be completed in June.

"Completion of this disposal will allow the demerger of the International business to proceed rapidly," Chairman John van Kuffeler said in a statement.


Read more at Reuters.com Mergers News

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