Word: mergers
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...Wells Fargo as the best case scenario for Wachovia. "We're disappointed that Wachovia won't remain independent but I believe the strength and stability of having Wells Fargo as a partner will be better in the long run," says Michael Smith of Charlotte Center City Partners. At a merger rally held on October 15, Wells Fargo CEO John Stumpf wouldn't be pinned down on how many jobs might be lost, but he did say that Charlotte would be the combined banks' eastern headquarters...
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...
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...