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BREAKING NEWS FROM CNBC'S KATE KELLY: ALLY FINANCIAL TO HOLD "BAKE-OFF" THURSDAY FOR IPO

When: Today, January 26, 2011

Where: CNBC's "The Call"

Following is the unofficial transcript of breaking news from CNBC's Kate Kelly today, January 26th, on CNBC's "The Call." All references must be sourced to CNBC.

KATE KELLY: WELCOME BACK TO THE CALL I'M KATE KELLY WITH SOME BREAKING NEWS. ALLY FINANCIAL, THE FORMER GMAC, THE GM FINANCING UNIT AT ONE TIME, PLANS TO GO PUBLIC AND IS HOLDING A BAKE-OFF TOMORROW IN NEW YORK FOR AN IPO THAT COULD BE SIZED AT BETWEEN $5 AND 10 BILLION DOLLARS. THERE WILL BE HOT COMPETITION FOR THIS DEAL IT IS JUST YET ANOTHER IN A STRING OF LARGE DEALS THAT WE ARE SEEING COMING TO MARKET AT THE MOMENT. U.S. TREASURY ALSO GOING TO BE INVOLVED IN THIS ONE, THEY OWN ABOUT 74% OF THE COMPANY WITH MINORITY STAKE STILL BEING OWNED BY CERBERUS AS WELL AS A SMALL ONE BY GM AND THE GM TRUST. SO MELISSA THE IPO MACHINE KEEPS ON ROLLING IT WOULD SEEM.

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