WHEN: TODAY, FRIDAY, NOVEMBER 16TH
WHERE: CNBC'S "SQUAWK ON THE STREET"
Following is the unofficial transcript of breaking news from CNBC's Kayla Tausche. All references must be sourced to CNBC.
TAUSCHE: I'VE LEARNED FROM MY SOURCES THAT GM AND ALLY ARE NEAR A $4 BILLION DEAL AND THAT DEAL IS SET TO BE ANNOUNCED MONDAY. THAT'S GOING TO BE ABOUT $4 BILLION FOR THE OPERATIONS OF ALLY IN EUROPE AND LATIN AMERICA. GM CHIEFS HAVE SAID IN THE PAST THAT HAVING A CAPTIVE FINANCE UNIT IN THOSE REGIONS IS CRITICAL FOR GM'S OPERATIONS THERE AND WE'VE BEEN EXPECTING THIS SINCE ALLY PUT ITS INTERNATIONAL OPERATIONS UP FOR SALE. BUT I AM TOLD FROM SOURCES THAT WILL BE ANNOUNCED MONDAY AND ALLY WILL HAVE REAPED ROUGHLY $9 BILLION IN THE SALE OF THOSE UNITS TO REPAY TREASURY FOR ITS BAILOUT.
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