If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. |
|
|
Thread Tools | Display Modes |
#1
|
|||
|
|||
GM, Chrysler said to hold merger talks
This could get weird...
Some people could be driving a Chevy Charger soon... LOL...... For those who are to dense the Chevy Charger line was a JOKE.... GM, Chrysler said to hold merger talks Companies won't confirm published reports, as struggling automakers cope with economic downturn. Last Updated: October 11, 2008: 7:30 AM ET DETROIT (AP) -- General Motors Corp. and Chrysler LLC have held preliminary talks about a merger or an acquisition of Chrysler by GM, according to published reports Saturday. The Wall Street Journal, citing people it described as familiar with the discussions, said Cerberus Capital Management, the private equity firm that owns 80.1% of Chrysler and 51% of GMAC Financial Services, proposed trading Chrysler's automotive operations to GM. The Journal said Cerberus would receive GM's remaining 49% stake in GMAC. The New York Times, also citing people familiar with the talks, said the automakers were discussing a merger. The Times did not mention GMAC, a traditional auto lender hit hard by the housing market downturn. The talks have stalled because of the recent turmoil in the financial markets, according to the Journal. Its sources said negotiations could resume if markets stabilize because both GM and Cerberus want to quickly divest the assets under discussion. The negotiations between 100-year-old GM and 83-year-old Chrysler began more than a month ago, according to the Times. Its sources said the chances of a merger were "50-50" as of Friday and likely would take weeks to complete. Both newspapers posted their stories on their Web sites late Friday. "Without referencing this specific rumor, as we've often said, GM officials routinely discuss issues of mutual interest with other automakers," GM spokesman Tony Cervone said. "The company is looking at a number of potential global partnerships as it explores growth opportunities around the world," Chrysler spokeswoman Lori McTavish said. "Beyond those partnerships already announced however, Chrysler has not formed any new agreements and has no further announcements to make at this time." GM (GM, Fortune 500) shares closed Friday at $4.89, up 13 cents, or 2.7%. On Thursday, they closed at $4.76, the lowest level since 1950. GM said Friday, in response to the stock price, that it is nor considering a bankruptcy filing. "Clearly we face unprecedented challenges related to uncertainties in the financial markets globally and weakening economic fundamentals in many key markets, but bankruptcy protection is not an option GM is considering," a company statement said. First Published: October 11, 2008: 6:13 AM ET -- ZÿRiX (¯`'..(<>..<>)..'´¯) |
Ads |
#2
|
|||
|
|||
GM, Chrysler said to hold merger talks
"ZÿRiX" > wrote in message ecom... > This could get weird... > > Some people could be driving a Chevy Charger soon... LOL...... > > For those who are to dense the Chevy Charger line was a JOKE.... > > GM, Chrysler said to hold merger talks > Companies won't confirm published reports, as struggling automakers cope > with economic downturn. > Last Updated: October 11, 2008: 7:30 AM ET > DETROIT (AP) -- General Motors Corp. and Chrysler LLC have held > preliminary talks about a merger or an acquisition of Chrysler by GM, > according to published reports Saturday. > > The Wall Street Journal, citing people it described as familiar with the > discussions, said Cerberus Capital Management, the private equity firm > that owns 80.1% of Chrysler and 51% of GMAC Financial Services, proposed > trading Chrysler's automotive operations to GM. The Journal said Cerberus > would receive GM's remaining 49% stake in GMAC. > > The New York Times, also citing people familiar with the talks, said the > automakers were discussing a merger. The Times did not mention GMAC, a > traditional auto lender hit hard by the housing market downturn. > > The talks have stalled because of the recent turmoil in the financial > markets, according to the Journal. Its sources said negotiations could > resume if markets stabilize because both GM and Cerberus want to quickly > divest the assets under discussion. > > The negotiations between 100-year-old GM and 83-year-old Chrysler began > more than a month ago, according to the Times. Its sources said the > chances of a merger were "50-50" as of Friday and likely would take weeks > to complete. > > Both newspapers posted their stories on their Web sites late Friday. > > "Without referencing this specific rumor, as we've often said, GM > officials routinely discuss issues of mutual interest with other > automakers," GM spokesman Tony Cervone said. > > "The company is looking at a number of potential global partnerships as it > explores growth opportunities around the world," Chrysler spokeswoman Lori > McTavish said. "Beyond those partnerships already announced however, > Chrysler has not formed any new agreements and has no further > announcements to make at this time." > > GM (GM, Fortune 500) shares closed Friday at $4.89, up 13 cents, or 2.7%. > On Thursday, they closed at $4.76, the lowest level since 1950. > > GM said Friday, in response to the stock price, that it is nor considering > a bankruptcy filing. > > "Clearly we face unprecedented challenges related to uncertainties in the > financial markets globally and weakening economic fundamentals in many key > markets, but bankruptcy protection is not an option GM is considering," a > company statement said. > > First Published: October 11, 2008: 6:13 AM ET This makes little sense to me. What GM needs is cash, and Chrysler is losing money. Is GMAC losing more money than Chrysler? It was profitable a year ago, but I have to assume the home mortgage division is tanking... AJM '93 40th Anniversary coupe, 6 sp (both tops) AJM |
#3
|
|||
|
|||
GM, Chrysler said to hold merger talks
On Sat, 11 Oct 2008 06:55:23 -0500, ZÿRiX > wrote:
>This could get weird... > >Some people could be driving a Chevy Charger soon... LOL...... > What do you think about a Chrysler Corvette ? |
#4
|
|||
|
|||
GM, Chrysler said to hold merger talks
> What do you think about a Chrysler Corvette ? It should be illegal to even say that. |
#5
|
|||
|
|||
GM, Chrysler said to hold merger talks
On Sat, 11 Oct 2008 06:55:23 -0500, ZÿRiX > wrote:
>This could get weird... No kidding. Take one mis-managed tanking company and have it merge with another mis-managed tanking company and expect great results? These guys must have also been part of the bailout plan and members of Congress... Oh joy! Guess 100 years is the limit for that automaker... |
#6
|
|||
|
|||
GM, Chrysler said to hold merger talks
"observer" wrote in message
... > On Sat, 11 Oct 2008 06:55:23 -0500, ZÿRiX > wrote: > >>This could get weird... >> >>Some people could be driving a Chevy Charger soon... LOL...... >> > > What do you think about a Chrysler Corvette ? GMC 20:15 Blessed is he who, in the name of charity and good will, shepherds the weak through the valley of darkness, for he is truly his Chevys keeper and the finder of lost Chryslers. And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my Chevys. And you will know my name is GM when I lay my vengeance upon you." Dave will hate me for this one ay? -- ZÿRiX (¯`'..(<>..<>)..'´¯) |
#7
|
|||
|
|||
GM, Chrysler said to hold merger talks
CardsFan wrote:
> "ZÿRiX" > wrote in message > ecom... >> This could get weird... >> >> Some people could be driving a Chevy Charger soon... LOL...... >> >> For those who are to dense the Chevy Charger line was a JOKE.... >> >> GM, Chrysler said to hold merger talks >> Companies won't confirm published reports, as struggling automakers cope >> with economic downturn. >> Last Updated: October 11, 2008: 7:30 AM ET >> DETROIT (AP) -- General Motors Corp. and Chrysler LLC have held >> preliminary talks about a merger or an acquisition of Chrysler by GM, >> according to published reports Saturday. >> >> The Wall Street Journal, citing people it described as familiar with the >> discussions, said Cerberus Capital Management, the private equity firm >> that owns 80.1% of Chrysler and 51% of GMAC Financial Services, proposed >> trading Chrysler's automotive operations to GM. The Journal said Cerberus >> would receive GM's remaining 49% stake in GMAC. >> >> The New York Times, also citing people familiar with the talks, said the >> automakers were discussing a merger. The Times did not mention GMAC, a >> traditional auto lender hit hard by the housing market downturn. >> >> The talks have stalled because of the recent turmoil in the financial >> markets, according to the Journal. Its sources said negotiations could >> resume if markets stabilize because both GM and Cerberus want to quickly >> divest the assets under discussion. >> >> The negotiations between 100-year-old GM and 83-year-old Chrysler began >> more than a month ago, according to the Times. Its sources said the >> chances of a merger were "50-50" as of Friday and likely would take weeks >> to complete. >> >> Both newspapers posted their stories on their Web sites late Friday. >> >> "Without referencing this specific rumor, as we've often said, GM >> officials routinely discuss issues of mutual interest with other >> automakers," GM spokesman Tony Cervone said. >> >> "The company is looking at a number of potential global partnerships as it >> explores growth opportunities around the world," Chrysler spokeswoman Lori >> McTavish said. "Beyond those partnerships already announced however, >> Chrysler has not formed any new agreements and has no further >> announcements to make at this time." >> >> GM (GM, Fortune 500) shares closed Friday at $4.89, up 13 cents, or 2.7%. >> On Thursday, they closed at $4.76, the lowest level since 1950. >> >> GM said Friday, in response to the stock price, that it is nor considering >> a bankruptcy filing. >> >> "Clearly we face unprecedented challenges related to uncertainties in the >> financial markets globally and weakening economic fundamentals in many key >> markets, but bankruptcy protection is not an option GM is considering," a >> company statement said. >> >> First Published: October 11, 2008: 6:13 AM ET > > This makes little sense to me. What GM needs is cash, and Chrysler is > losing money. Is GMAC losing more money than Chrysler? It was profitable a > year ago, but I have to assume the home mortgage division is tanking... > > AJM > '93 40th Anniversary coupe, 6 sp (both tops) > > AJM > > Agree, this one is akin to the merger of Capital Airlines and National Airlines (1961). My fear -- the U.S. gov'mint will buy up GM's 60 & 90 day paper and wind up owning the outfit. Our 'brain trust' will then *pay* Hyundai, Tata, Vespa or Lambretta to take it off our hands! -- when I last checked, GM's book value was a *negative* 100 bucks/sh. -- pj |
#8
|
|||
|
|||
GM, Chrysler said to hold merger talks
observer wrote: > On Sat, 11 Oct 2008 06:55:23 -0500, ZÿRiX > wrote: > >> This could get weird... >> >> Some people could be driving a Chevy Charger soon... LOL...... >> > > What do you think about a Chrysler Corvette ? If that happened, Vipers would become extinct immediately. |
#9
|
|||
|
|||
GM, Chrysler said to hold merger talks
On Sat, 11 Oct 2008 21:52:34 -0400, "Lee C. Carpenter"
> wrote: > >> What do you think about a Chrysler Corvette ? > > >It should be illegal to even say that. > I admit I grit my teeth to even think it. |
#10
|
|||
|
|||
GM, Chrysler said to hold merger talks
"Lee C. Carpenter" > wrote in message ... > >> What do you think about a Chrysler Corvette ? > > > It should be illegal to even say that. They do make the Viper, although they also thought up the Crossfire. Ugh. AJM '93 40th Anniversary coupe, 6 sp (both tops) |
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
GM, Chrysler in merger talks. | [email protected] | Technology | 5 | October 17th 08 02:35 AM |
G.M. and Chrysler Explore Merger | Jim Higgins | Chrysler | 1 | October 12th 08 06:58 AM |
Reports: GM in talks to buy Chrysler Group | Jim Higgins | Chrysler | 4 | February 18th 07 03:59 PM |
GM in talks to buy Chrysler | Padraig | Auto Photos | 16 | February 17th 07 12:26 PM |
Chrysler, GM seen in SUV partnership talks | Jim Higgins | Chrysler | 2 | February 16th 07 12:45 PM |