General Motors is going shopping. The recently bankrupt auto manufacturer got government permission to use $2.8 billion of its federal cash to buy a chunk of auto parts supplier Delphi. Once upon a time, Delphi was GM’s parts division. According to an SEC filing, the Treasury Department is letting GM use $1.7 billion to buy post-bankruptcy Delphi and another $1.1 billion to pick up Delphi’s global steering business and four parts manufacturing facilities.
[Via USA Today]