General Motors Co. is bidding for the international arm of Ally Financial Inc., a move to rebuild its own lending operations and reacquire part of a business it sold more than six years ago, the Wall Street Journal reported today. The bidding process still is in the preliminary stages, and Ally has received offers from more than 30 different bidders. Ally, the largest U.S. auto lender, is the former in-house financing arm of GM, which at the time was known as GMAC. The automaker sold off a majority stake in GMAC to Cerberus Capital Management LP and other investors in 2006. GM continues to own 9.9 percent of the company.
