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GMAC to join Cerberus bid for Northern Rock: paper

LONDON
Sun Oct 28, 2007 9:43am EDT

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Customers line up to enter a branch of Northern Rock in Kingston, Surrey, England, September 17, 2007. U.S. financial services firm GMAC is preparing to spearhead a bid for British mortgage lender Northern Rock, according to Britain's Sunday Times newspaper. REUTERS/Alessia Pierdomenico

LONDON (Reuters) - U.S. financial services firm GMAC is preparing to spearhead a bid for British mortgage lender Northern Rock NRK.L, according to Britain's Sunday Times newspaper.

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GMAC is to play a role in a bid being put together by private equity firm Cerberus CBS.UL, one of three groups now doing due diligence on Northern Rock, the newspaper said, without citing its sources.

Cerberus, which owns a 51 percent stake in GMAC, and Northern Rock both declined to comment to Reuters.

Northern Rock has confirmed it has appointed Blackstone to advise it on its strategic options. Citigroup (C.N) and Merrill Lynch MER.N are also advising the firm.
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