Cerberus group takes the lead in GMAC talks

A group led by hedge fund Cerberus Capital Management and a unit of Citigroup has taken the lead in negotiating a potential purchase of General Motors Corp.’s finance arm, the Wall Street Journal reported on Thursday.

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Citing people familiar with the matter, the Journal said a second group led by Kohlberg Kravis Roberts & Co. and Wachovia Corp. had not backed away from the bidding.

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But GM is spending most of its time on talks on control of the General Motors Acceptance Corp. (GMAC) with the Cerberus group, the Journal said.

The report had no details on a potential bid. Analysts have said a majority stake in GMAC could be worth between $10 billion and $15 billion. A GM spokesman was not immediately available for comment.