Sunday, November 2, 2008

Detroit News Reports:Chrysler-Nissan talks halt

Chrysler-Nissan talks halt

No more discussions scheduled after Cerberus acknowledges preference for GM deal, sources say.

Christine Tierney and David Shepardson / The Detroit News

Talks between the Renault-Nissan alliance and Cerberus Capital Management LP have stopped as both sides acknowledged Cerberus's preference to conclude a deal for Chrysler LLC with General Motors Corp., according to sources familiar with the situation.

No more talks between Cerberus and Renault-Nissan negotiators have been scheduled, the sources said Friday, although the parties have not ruled out discussions in the future.

Cerberus and Nissan declined to comment. But sources close to Cerberus have said the private-equity firm favors a GM-Chrysler deal, viewing it as financially more advantageous and also better for the U.S. auto industry.

GM wants to acquire Chrysler if the financing can be arranged, whereas Renault-Nissan had proposed to take a stake of around 20 percent. However, Cerberus and Renault-Nissan negotiators had not agreed on a valuation for Chrysler, which is losing money. Read More.....

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