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GM uses $2.8B in goverment funds to buy part of Delphi
Updated 11/2/2009 8:59 PM ET
WASHINGTON — General Motors says it has received permission to use $2.8 billion of its government aid to help buy part of troubled auto parts supplier Delphi, the automaker's former parts division.

The Detroit automaker said in a regulatory filing with the U.S. Securities and Exchange Commission that the Treasury Department granted the release of $1.7 billion to acquire part of the new Delphi entity that emerged from bankruptcy protection.

GM also will use $1.1 billion to buy Delphi's global steering business and four parts manufacturing facilities.

GM has received more than $50 billion in government aid. Delphi recently emerged from bankruptcy and GM agreed to buy an equity stake in the parts supplier as part of the deal.

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Posted 11/2/2009 6:31 PM ET
Updated 11/2/2009 8:59 PM ET