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Numerous sources, including Allpar, predicted a GM-Chrysler merger or takeover announcement on November 4 or November 5. Some major media sources believe this announcement will come with GM’s release of its earnings today. It is possible that an announcement was planned based on actions which have been halted or postponed, but it is also possible [...]
The Detroit News reports that talks between the Renault-Nissan alliance and Cerberus Capital Management have ended. While future discussions have not been ruled out, sources say Cerberus would prefer to come to an arrangement with General Motors. Neither automaker would comment, but those with knowledge of the negotiations say Cerberus believes a GM-Chrysler deal would be financially more advantageous as [...]
According to a recent Reuters article, GM and Cerberus are now considering a deal that would leave GM in control, with Cerberus having a mere 10% or lower stake in the combined organization as well as all of GMAC. The minor stake in GM would give Cerberus an incentive to have GMAC work with the [...]
Automotive News reported that several Congressmen are trying to get federal officials to bail out domestic automakers, using authority they already have. Michigan’s John Dingell suggested that the Treasury and Federal Reserve address the lack of new car auto loans and, if needed, provide money to automakers and suppliers to avoid bankruptcy. If needed, Dingell [...]