Fiat S.p.A. is making a non-binding offer to buy bankrupt Italian styling studio and contract manufacturer Carrozzeria Bertone S.p.A. Fiat is competing with Italian entrepreneur Gianmario Rossignolo, Chinese automaker FAW Group Corp. and an unnamed Spanish consortium.
Bertone, founded in 1912, has a long history of notable automotive designs for clients like Fiat, Alfa Romeo, Ferrari, [...]
Head of the Fed Ben Bernanke flatly ruled out a government takeover of major banks, such as Citigroup, that would wipe out stockholders.
Rhetoric is rather different when talking about banks vs. automakers. When they mention GM and Ford, they say the stockholders deserve nothing because they were asleep at the switch. Automaker bankruptcy has almost [...]
Hyundai Motor Company, South Korea’s largest automaker, denies media reports that it is in talks with Cerberus Capital Management about purchasing Chrysler’s Jeep Division.
“We have no interest whatsoever in acquiring Chrysler, including Jeep and have not engaged in any discussions with Cerberus on this matter,” Jake Jang, a Hyundai spokesman, told Reuters. “Our hands are [...]
Bob Nardelli signed the following statement to Chrysler employees:
Today GM released their third quarter results which included the following statement, I wanted to share with you:
“In addition, we have recently explored the possibility of a strategic acquisition that we believed would generate significant cost reduction synergies and substantially strengthen our financial position in the medium [...]
Plans for an Election Day merger agreement between General Motors and Chrysler hit a snag Thursday when the Bush administration ruled out funding for it. Without the federal funding, the private investors with whom the automakers had been talking are not interested in the deal.
Citing three people with direct knowledge of the talks, Reuters reports [...]
News sources are reporting Cerberus and General Motors have reached agreement on general terms of a merger but significant obstacles remain.
While progress has been reported on GM’s attempts to gain federal funds for the merger, the amount being discussed is only about half what the automaker anticipates it will need to implement the deal. GM [...]
Since General Motors is havng difficulty raising the cash needed for acquisition of Chrysler from Cerberus, Stephen Feinberg, Cerberus’ founder and CEO, is said to have suggested the companies approach the federal government for an investment in the merged automakers.
The deal, which is widely seen by analysts as a potential disaster for both companies, is [...]
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