Word: chrysler
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General Motors Corp. is pressing the Bush Administration for more than $10 billion in immediate government assistance, which would help shore up its tattered balance sheet and provide the cash required for a takeover of ailing Chrysler. The two companies are already close to a deal that would put GM in control of Chrysler. That would leave Chrysler boss Robert Nardelli, brought in to save the company, out of a job. "We can acknowledge that we have been in contact with a variety of federal officials for some time during this extraordinary and difficult economic period," said GM spokesman...
Emblematic of the troubles that the once mighty Big Three face are the merger discussions taking place between GM and Chrysler, which is controlled by the New York private equity firm of Cerberus. Any GM/Chrysler merger would very likely involve what amounts to battlefield surgery, requiring the traumatic amputation of several factories, hundreds of dealerships across the country and thousands of blue and white collar jobs. GM, which has been fighting rumors of bankruptcy since mid-summer, has had a hard time lining up the financing that would be needed for any deal with Chrysler, even though the U.S.Congress recently...
...Imminent bankruptcy concerns at GM/Ford appear overdone and any potential GM-Chrysler deal that enhances liquidity at the new entity may lead to a rally in GM shares as well as the shares if its dependent suppliers. But we increasingly view such a rally as potentially tenuous," said J.P. Morgan's Himanshu Pate in a recent note to investors still hanging on to shares trading at historic lows. That no longer includes Kirk Kerkorian. The Los Angeles mogul, who has made a fortune buying and selling auto stocks over the past two decades, dumped his big block of Ford shares...
Meanwhile, reports surfaced that Cerberus might be willing to sell a 20% stake in Chrysler to Renault/Nissan. Any kind of agreement with Renault/Nissan will mean Chrysler has come full circle over 21 years. In 1987 it was Chrysler that acquired the American Motors Corp. from the struggling French automaker. Chrysler employees, reeling ever since Daimler AG cut them loose last summer, are now utterly demoralized as they await their fate, according to sources inside the company...
...optimism. Once the downturn passes, he says, there will be a lot of pent-up demand for new more fuel-efficient vehicles. GM is feverishly working on the Chevrolet Volt, an electric car that could go a long way towards changing the way Americans think about such cars. Even Chrysler is promising to deliver seven new models...