Word: gm
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Dates: during 1980-1989
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...executives of General Motors thumbed through the December issue of Automobile Magazine, they found an unpleasant surprise. There, in a series of high-quality color photos, was GM's top-secret Saturn automobile, which the company has spent $3 billion to develop and plans to roll into showrooms late next year. What really sent the motor moguls into orbit were signs that the Saturn pictures, along with shots of the 1993 Chevrolet Camaro and Pontiac Firebird in the same issue, had been leaked to the trade magazine by an employee in GM's design studios. Unlike the grainy, long-distance...
...GM swiftly set out to find the leaker. Although the company denied it, sources at GM said the giant automaker has offered a $30,000 bounty for information that could lead to the disloyal worker. GM clearly felt betrayed by the release of the confidential photographs. "People are very upset," said corporate spokesman Dee Allen. "It's no different from being on the Detroit Pistons and giving away the playbook...
...Ford's advances by offering General Motors a 30% stake in the British firm. But last week the British government opened the way for Ford by waiving London's legislative right to veto any takeover of Jaguar before 1991. Ford put its offer on the table the next morning. GM officials decided the price was too high and withdrew...
Ford's salvo came as GM was negotiating a joint venture and minority stake in the successful but cash-strapped British carmaker. Now analysts expect that GM may be forced to try to buy the firm outright to prevent Ford from making a hostile raid. Should the battle between the two U.S. giants become heated, analysts predict, Jaguar shares currently valued at $2 billion might fetch as much as $2.9 billion...
...concern over the air people breathe. Even corporate giants recognize that they can no longer simply dig in their heels and resist demands for clean air. Chrysler vice chairman Gerald Greenwald noted in August that automakers had hurt their credibility by stubbornly opposing most new regulations. And while GM's Stempel attacked the House vote last week, he acknowledged that the subcommittee had at least cleared up confusion over what the new tail-pipe standards would be. For all its past intransigence, Detroit may be ready to concede that compromise is a two-way street...