Word: mergers
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Dates: during 2000-2009
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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...
General Motors is 100 years old this year, but its chances of reaching 101 as an independent company seem to be diminishing. GM is running out of cash and ideas and pursuing merger talks with Chrysler, which is also talking to Nissan. Ford Motor Co. this year celebrated the 100th anniversary of the Model T, an invention that significantly altered almost every aspect of American life from shopping to sex. But Americans are doing demonstrably less of the former when it comes to cars. Sales are braking quickly, and this month are expected to be at their lowest level...
...Nearly twenty years since a Pakistan-backed insurgency began to fight India for either Kashmiri independence or a merger with Pakistan - a conflict that has claimed over 68,000 lives - feelings are still strong. When Pakistani president Asif Ali Zardari, who has been keen to develop stronger ties with Pakistan's neighbours, recently told an interviewer that India had "never been a threat" to Pakistan and labeled as "terrorists" the Islamist militants who had fought India in Kashmir with the backing of the Pakistani military, there was outrage in Pakistan and among Kashmiris on the Indian side of the Line...
Among industry analysts, there is also skepticism whether a merger would even work. "I just don't see the benefit to GM," notes an executive from a key supplier. "I can see the value in terms of reducing overlap and reducing capacity," says Laurie Harbour Felax, an analyst with the Harbour-Felax Group in Clarkston, Mi. "But the cost of doing that are so enormous, you have to wonder if it's really worth it," she says. Chrysler also has relatively few products that are not duplicates of those already sold by GM, she said...
There are other parties in the merger hunt. The French automaker Renault is also interested in Chrysler, according to several industry sources. But corporate merger would just be a step-up from the collaboration already going on among rivals in the industry. The sheer cost of developing new, more fuel-efficient vehicles is driving companies together, observes another executive, who notes that GM has already collaborated with Ford on building new transmission and has worked with Chrysler and BMW in developing hybrid vehicles. Chrysler spokeswoman Lori McTavish said that Chrysler entered into a partnership with Nissan earlier this year...