Word: chryslers
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...everyone seems worried by these danger signs. Detroit's Big Three automakers plan few production cutbacks in the second quarter, even though U.S. car and light-truck sales slumped 4% through March compared with the same period a year ago. Downplaying the slow start, Chrysler chairman Robert Eaton says he still expects to sell 100,000 more vehicles in 1995 than the 2.2 million units his company sold last year. Notes David McCammon, vice president and treasurer of Ford, which has been adding shifts at its factories: "If we thought things were doing poorly, we would not be producing...
...takeover bid is not a strategy to get the old cowboy back in the saddle. "I'm an investor, period," he says. "No directorship, no management, nothing--zero." But even as he says that, he can't resist kibbitzing. For one thing, Iacocca has wanted for years to make Chrysler a truly international operation with sales and manufacturing capabilities around the world. In the 1980s he tried to enter his company into deals first with Volkswagen, then with Fiat, but to no avail. "We do not have a global presence," he complained last week. "We're big in Canada...
...absolutely prudent to have that kind of cash [the $7.5 billion] around." The Kerkorian bid has already had one negative impact on the company's ability to borrow. Reasoning that any takeover could leave the company saddled with unmanageable debt, all three credit-rating services quickly placed Chrysler's outstanding debt on their watch lists...
...wonder the local Kublai Khans are planning more. Treasure Island's Steve Wynn, who also owns the tony Mirage, is ready to break more banks with his new Beau Rivage resort next year. The Grand's Kirk Kerkorian, when he's not plotting his takeover of Chrysler, looks at plans for his new hostelry, New York-New York, whose facade will be in the shape of the Manhattan skyline. Even the Walt Disney Co. is rumored to be looking at Las Vegas property-though Disney chairman Michael Eisner denies any interest in bringing Disney to Vegas...
...Chrysler's board of directors today formally rejected the$22.8 billion bid by corporate investor Kirk Kerkorian to buy the company,saying the unsolicited offer was disruptive and not in the best interests of shareholders. In today's trading, Chrysler's stock was down half a point to $44 5/8, well below the $55-a-share proposed takeover price. Chrysler also announced that it will use excess cash to increase the dividend or buy back shares, moves that could help shareholders...