VW TDI forum, Audi, Porsche, and Chevy Cruze Diesel forum banner

1 - 10 of 10 Posts

·
Premium Member
Joined
·
371 Posts
Discussion Starter #1
GM may buy Chrysler? Wow.

General Motors Corp. (GM) reportedly has held preliminary talks to acquire Chrysler LLC, against the backdrop of an increasingly bleak decline for the auto industry. Reports on Friday night by The Wall Street Journal and the New York Times both cited unnamed people familiar with discussions between the two U.S. automakers. GM has been in talks with Cerberus Capital Management LLC, which owns 80.1% of Chrysler and 51% of GMAC, an 89-year-old auto lender that has suffered from its foray into mortgage banking. Cerberus proposed a swap in which GM would acquire Chrysler's automotive operations, and in turn give Cerberus its remaining 49% stake in GMAC, the Journal reported.
 

·
Premium Member
Joined
·
371 Posts
Discussion Starter #2
More on this from yahoo news

General Motors Corp. and Chrysler LLC have held preliminary talks about a merger or an acquisition of Chrysler by GM, according to published reports Saturday.
PUBLICIDAD

The Wall Street Journal, citing people it described as familiar with the discussions, said Cerberus Capital Management, the private equity firm that owns 80.1 percent of Chrysler and 51 percent of GMAC Financial Services, proposed trading Chrysler's automotive operations to GM. The Journal said Cerberus would receive GM's remaining 49 percent stake in GMAC.

The New York Times, also citing people familiar with the talks, said the automakers were discussing a merger. The Times did not mention GMAC, a traditional auto lender hit hard by the housing market downturn.

The talks have stalled because of the recent turmoil in the financial markets, according to the Journal. Its sources said negotiations could resume if markets stabilize because both GM and Cerberus want to quickly divest the assets under discussion.

The negotiations between 100-year-old GM and 83-year-old Chrysler began more than a month ago, according to the Times. Its sources said the chances of a merger were "50-50" as of Friday and likely would take weeks to complete.

Both newspapers posted their stories on their Web sites late Friday.

"Without referencing this specific rumor, as we've often said, GM officials routinely discuss issues of mutual interest with other automakers," GM spokesman Tony Cervone said.

Chrysler spokeswoman Shawn Morgan declined comment
 

·
Premium Member
Joined
·
104 Posts
Lol, you could make a million of them but the first one takes the cake! Now make one for the bankers! At least they make cars, bankers make financial bubbles that pop and sink the worldwide economy.
 
1 - 10 of 10 Posts
Top