GM Chrysler Merger part of Chrysler Viability Plan!

Article from The Detroit Free Press-GM Chrysler Merger part of Chrysler Viability Plan!

Chrysler LLC, which is pushing forward on an alliance with Italian automaker Fiat SpA, said it believes a partnership with General Motors Corp. is still the "best option for the U.S. auto industry."

The comments came in Chrysler's restructuring plan filed late Tuesday with the Obama administration.

In the plan, Chrysler, which has already received $4 billion in federal loans, details its restructuring efforts, which include the elimination of 3,000 jobs and three vehicle models, as well as its request for $5 billion more in federal loans.

But Chrysler's plan also points to consolidation among U.S. automakers as a way to sustain the industry.

GM., which received $13.4 billion in federal loans, did not express that sentiment in its restructuring plan filed Tuesday.

Sen. Bob Corker, R-Tenn., who has been a critic of the domestic auto industry, said it's clear that Chrysler's best option is to partner with another automaker.

"Whether it's with Fiat, or whether it makes sense to talk about GM, a merger is their best chance for survival," he said in an interview with the Free Press.

Chrysler hints at a "strong need for industry consolidation, as it notes a merger with GM would create more value than a standalone Chrysler or Fiat alliance," Barclays Capital analyst Brian Johnson said in a note to investors Wednesday.

The Auburn Hills automaker is clear that the savings from a GM-Chrysler partnership would be at least five times more than what a deal with Fiat would offer.

Chrysler has said that discussions about such a partnership, which gained steam last fall before the two automakers approached Congress for aid, were taken off the table by GM.

But as GM and Chrysler approach the government for more money, decisions about the future might not be in their hands alone. Johnson said he expects government aid will continue, "with perhaps the condition of a merger of Chrysler into GM."

However, Corker said it wasn't clear whether a GM-Chrysler pairing would make sense, given the need for GM to cut jobs, plants and brands.

"If you look at what GM is trying to do, which is simplify, does it make sense to add to it?" Corker said. "It's a question that needs to be asked in light of the changes that have occurred."

A merger between GM and Chrysler would generate at least $36 billion in cash and boost operating earnings by $40 billion, Chrysler said.

Savings would come from combining purchasing power, as well as operations for manufacturing, sales and marketing research and development and corporate staffs.

The prospect of a GM-Chrysler merger met criticism across the Midwest, where one study said the combination would cost 35,000 jobs, including as many as 25,000 jobs in Michigan alone.

Promoting a plan that would lead to thousands of job cuts could be a political landmine.

In its plans to the government Tuesday, GM said it plans to cut 47,000 jobs worldwide this year while Chrysler plans 3,000.

And the tally could rise if either automaker is forced to file for Chapter 11 protection.

"The prospect of losing 25,000 jobs in a consolidation between General Motors and Chrysler seemed outrageous in October. Right now, it seems like the best-case scenario," said Patrick Anderson, principal at the East Lansing-based Anderson Economic Group, which studied the potential merger. But Anderson said amid weak vehicle sales, it would be harder to realize all of the cost savings a merger would ordinarily deliver.

David Cole, chairman of the Center for Automotive Research in Ann Arbor, said a Chrysler-GM combination is unlikely. But as the market improves, the two companies could team up to reap at least a portion of the cost-savings a merger would have delivered.

"I'm not convinced that that's off the table forever," Cole said.

Contact JEWEL GOPWANI at 313-223-4550 or jgopwani@freepress.com. Free Press Business Writer Justin Hyde contributed.

Mum Is the Word From GM and Chrysler-What is Next?

Well the bailout drama is over for another week and there is no news coming from any of the Big Three. People have alot of questions and doubts,just about every plant for the Big Three are shut down. The big question is what plants will reopen and which will remain closed. GM and Chrysler have until March 31st to prove they can survive, which means cut,cut,cut...and still probably merge. 2009 will be a historical year for the American Automotive Companies. Who will survive? Who will Merge?

Gm Chrysler merger-This is the End Of The Road For Chrysler

GM Chrysler News reported this 2 months ago. The GM Chrysler Merger was and is a done deal! They just need some cash to buy out Daimler and then transfer the 49% of GMAC to Cerberus and GM will Get Chrysler's assets.

I find it amusing all these supposedly automotive experts are surprised that GM Chrysler is talking merger again. Both companies have told us 2 months ago they where going to merge. The only hold up was GM needed more cash! Well guess what, the money will be coming soon.

The auto rescue bridge loan was all part of the plan to facilitate the GM Chrysler Merger!

GM idled 22 factories and Chrysler idled 30,Sadly the workers at GM and Chrysler do not know that some of these plants will never open up again, Especially if the GM Chrysler Merger goes through.

GM Chrysler News-J.F.

The Car Czar-GM Chrysler Merger-bankruptcy

Under the purposed deal the " Car Czar " will make all the decisions! The "car czar" will have the power to force U.S. automakers into bankruptcy! He will be incharge of distributing the $15Billion as he see's fit! He could also force the GM Chrysler Merger!

This is the Government taking over GM and Chrysler or the New GM Chrysler Company! Stay tuned this is going to get uglier!

The Car Czar-GM Chrysler Merger-bankruptcy

Under the purposed deal the " Car Czar " will make all the decisions! The "car czar" will have the power to force U.S. automakers into bankruptcy! He will be incharge of distributing the $15Billion as he see's fit! He could also force the GM Chrysler Merger!

This is the Government taking over GM and Chrysler or the New GM Chrysler Company! Stay tuned this is going to get uglier!

Chrysler News-Hyundai, Chrysler in talks as GM pulls out

DETROIT(Reuters) -- South Korea's Hyundai Motor Co. has had talks with Chrysler LLC owner Cerberus Capital Management LP about a potential acquisition of the U.S. automaker's Jeep brand and possibly other assets, people with knowledge of the talks told Reuters.

The emergence of Korea's largest automaker as a potential bidder for at least part of Chrysler comes a day after General Motors said it shelved its own pursuit of an acquisition of its cross-town rival.

Cerberus also plans to restart talks with other potential partners for Chrysler, including Renault-Nissan, the sources said.


Hyundai has expressed interest in Chrysler's Jeep brand, but Cerberus would prefer to sell all of Chrysler rather than split off assets through a series of deals that would break up the company, the sources said.

Cerberus, Chrysler and Hyundai declined to comment.

Jeep is considered Chrysler's most valuable asset. Although Chrysler has been readying a step that would allow it to sell off Jeep and its supporting parts business readily, any move to dispose of the brand would signal the end of Chrysler as a stand-alone automaker, sources said.

The talks over the future of Chrysler are playing out just as the U.S. auto industry makes its case to U.S. lawmakers for a rescue package for GM, Ford Motor Co. and Chrysler at a time when all three are burning cash faster than ever.

GM, which had been seen as the leading candidate to buy Chrysler, said on Friday that it set aside its pursuit of the acquisition in order to focus on preserving cash.

Bush administration officials last week rebuffed a request for some $10 billion for GM to fund its proposed merger with Chrysler in part, out of concern for the tens of thousands of jobs that would be lost as a result, sources have said.

One advantage of a Hyundai bid is that the Korean automaker would likely opt to preserve more of Chrysler's U.S. operations, and hence keep more jobs, the sources said.

That aspect of the deal could be important because Democratic lawmakers who extended their majority in Congress in Tuesday's election have made it clear that any federal rescue package would be aimed at preserving U.S. manufacturing jobs.

The auto industry and its political allies, including the UAW, are pressing for the current Congress to take up a proposal for another $50 billion low-cost loans for the cash-strapped sector later this month.

SAND "ALMOST' THROUGH THE HOURGLASS

Another source of pressure comes from Chrysler's dwindling cash, people with knowledge of the situation have said.

Without new funding, Chrysler executives have raised concern about the automaker's ability to finance its operations beyond the first half of 2009, according to the sources.

"Things are going to happen pretty fast now because the sand is almost through the hourglass," said one person familiar with the talks.

U.S. sales of Chrysler, Jeep and Dodge brands were down almost 26 percent this year through October, and Chrysler's market share has slipped to just 11 percent in October, putting it in an almost dead-heat with Honda Motor Co. for the No. 4 spot in the U.S. market.

In a breakup of Chrysler, Nissan-Renault might consider buying the automaker's Ram pickup truck production while Germany's Volkswagen is seen as a possible buyer for Chrysler's minivan line, people close to the talks said.

Hyundai, which has 3 percent of the U.S. market, has aspirations to be a full-line auto manufacturer. Based on low pricing and an attention-grabbing 10-year warranty, Hyundai saw sharp growth in U.S. sales earlier this decade.

More recently, it has battled to change the public perception of its brand. Hyundai launched its first luxury model this year and has considered the idea of establishing its own luxury line, like Toyota Motor Corp.'s Lexus.

But a recent round of talks between Hyundai and Ford Motor Co. over a deal to sell Ford's Volvo brand to the Korean automaker sputtered out in a dispute over the value of the brand, sources have said.

Hyundai also had a rocky relationship with DaimlerChrysler before Germany's Daimler AG sold Chrysler to Cerberus in 2007. In 2004, DaimlerChrysler announced it was selling its 10.5 percent stake in Hyundai.

Hyundai has its U.S. headquarters outside Los Angeles, a new $1.1-billion plant in Alabama, and an engineering center near Detroit. Its affiliate Kia Motors Corp. is building a plant in Alabama set to open in 2009.

Hyundai ended the third quarter with 4.5 trillion won, equivalent to about $3.5 billion at the current exchange rate.

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Chrysler News-Hyundai, Chrysler in talks as GM pulls out

DETROIT(Reuters) -- South Korea's Hyundai Motor Co. has had talks with Chrysler LLC owner Cerberus Capital Management LP about a potential acquisition of the U.S. automaker's Jeep brand and possibly other assets, people with knowledge of the talks told Reuters.

The emergence of Korea's largest automaker as a potential bidder for at least part of Chrysler comes a day after General Motors said it shelved its own pursuit of an acquisition of its cross-town rival.

Cerberus also plans to restart talks with other potential partners for Chrysler, including Renault-Nissan, the sources said.


Hyundai has expressed interest in Chrysler's Jeep brand, but Cerberus would prefer to sell all of Chrysler rather than split off assets through a series of deals that would break up the company, the sources said.

Cerberus, Chrysler and Hyundai declined to comment.

Jeep is considered Chrysler's most valuable asset. Although Chrysler has been readying a step that would allow it to sell off Jeep and its supporting parts business readily, any move to dispose of the brand would signal the end of Chrysler as a stand-alone automaker, sources said.

The talks over the future of Chrysler are playing out just as the U.S. auto industry makes its case to U.S. lawmakers for a rescue package for GM, Ford Motor Co. and Chrysler at a time when all three are burning cash faster than ever.

GM, which had been seen as the leading candidate to buy Chrysler, said on Friday that it set aside its pursuit of the acquisition in order to focus on preserving cash.

Bush administration officials last week rebuffed a request for some $10 billion for GM to fund its proposed merger with Chrysler in part, out of concern for the tens of thousands of jobs that would be lost as a result, sources have said.

One advantage of a Hyundai bid is that the Korean automaker would likely opt to preserve more of Chrysler's U.S. operations, and hence keep more jobs, the sources said.

That aspect of the deal could be important because Democratic lawmakers who extended their majority in Congress in Tuesday's election have made it clear that any federal rescue package would be aimed at preserving U.S. manufacturing jobs.

The auto industry and its political allies, including the UAW, are pressing for the current Congress to take up a proposal for another $50 billion low-cost loans for the cash-strapped sector later this month.

SAND "ALMOST' THROUGH THE HOURGLASS

Another source of pressure comes from Chrysler's dwindling cash, people with knowledge of the situation have said.

Without new funding, Chrysler executives have raised concern about the automaker's ability to finance its operations beyond the first half of 2009, according to the sources.

"Things are going to happen pretty fast now because the sand is almost through the hourglass," said one person familiar with the talks.

U.S. sales of Chrysler, Jeep and Dodge brands were down almost 26 percent this year through October, and Chrysler's market share has slipped to just 11 percent in October, putting it in an almost dead-heat with Honda Motor Co. for the No. 4 spot in the U.S. market.

In a breakup of Chrysler, Nissan-Renault might consider buying the automaker's Ram pickup truck production while Germany's Volkswagen is seen as a possible buyer for Chrysler's minivan line, people close to the talks said.

Hyundai, which has 3 percent of the U.S. market, has aspirations to be a full-line auto manufacturer. Based on low pricing and an attention-grabbing 10-year warranty, Hyundai saw sharp growth in U.S. sales earlier this decade.

More recently, it has battled to change the public perception of its brand. Hyundai launched its first luxury model this year and has considered the idea of establishing its own luxury line, like Toyota Motor Corp.'s Lexus.

But a recent round of talks between Hyundai and Ford Motor Co. over a deal to sell Ford's Volvo brand to the Korean automaker sputtered out in a dispute over the value of the brand, sources have said.

Hyundai also had a rocky relationship with DaimlerChrysler before Germany's Daimler AG sold Chrysler to Cerberus in 2007. In 2004, DaimlerChrysler announced it was selling its 10.5 percent stake in Hyundai.

Hyundai has its U.S. headquarters outside Los Angeles, a new $1.1-billion plant in Alabama, and an engineering center near Detroit. Its affiliate Kia Motors Corp. is building a plant in Alabama set to open in 2009.

Hyundai ended the third quarter with 4.5 trillion won, equivalent to about $3.5 billion at the current exchange rate.

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Bob Nardelli & Rick Wagoner Annouce-Gm Chrysler Merger Set Aside, For Now!

Wait a minute, is this the same Gm Chrysler Merger that was dismissed as rumors and speculation by Chrysler Officials last week!

CEO Of GM Rick Wagoner and Bob Nardelli finally tell their workers, investors and all those involved with the auto world that the GM Chrysler Merger is set aside for the short term.

Bob Nardelli-" important at the present time to focus on our immediate liquidity challenges, and, accordingly, we have set aside consideration of such a transaction as a near-term priority"

And Rick Wagoner echoing Bob Nardelli's same statement that" The acquisition of Chrysler is set aside for the short term."

LA Times-
Without naming Chrysler, GM officials today acknowledged that such talks had been pursued but said that they were being put aside for the moment.

"We had explored the possibility" of a merger, Wagoner said. But "we've concluded at this particular time that it's important we put 100% of our emphasis on the liquidity situation."
----------------
Some are reporting that the merger talks are off, they are set aside for now, not off. Analyst knew GM didn't have the money two weeks ago to purchase Chrysler, they need the influx of cash for The Feds.

If GM gets the Federal money it needs it will purchase Chrysler. Cerberus has no intent of staying in the automotive business and would still rather sell Chrysler as a whole.

Until the Federal Government decides to loan them money, it will be a race to shed labor costs, cut projects and close plants.

Don't Think For A Minute Cerberus won't sell Chrysler to GM for more stake in GMAC!

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Bob Nardelli & Rick Wagoner Annouce-Gm Chrysler Merger Set Aside, For Now!

Wait a minute, is this the same Gm Chrysler Merger that was dismissed as rumors and speculation by Chrysler Officials last week!

CEO Of GM Rick Wagoner and Bob Nardelli finally tell their workers, investors and all those involved with the auto world that the GM Chrysler Merger is set aside for the short term.

Bob Nardelli-" important at the present time to focus on our immediate liquidity challenges, and, accordingly, we have set aside consideration of such a transaction as a near-term priority"

And Rick Wagoner echoing Bob Nardelli's same statement that" The acquisition of Chrysler is set aside for the short term."

LA Times-
Without naming Chrysler, GM officials today acknowledged that such talks had been pursued but said that they were being put aside for the moment.

"We had explored the possibility" of a merger, Wagoner said. But "we've concluded at this particular time that it's important we put 100% of our emphasis on the liquidity situation."
----------------
Some are reporting that the merger talks are off, they are set aside for now, not off. Analyst knew GM didn't have the money two weeks ago to purchase Chrysler, they need the influx of cash for The Feds.

If GM gets the Federal money it needs it will purchase Chrysler. Cerberus has no intent of staying in the automotive business and would still rather sell Chrysler as a whole.

Until the Federal Government decides to loan them money, it will be a race to shed labor costs, cut projects and close plants.

Don't Think For A Minute Cerberus won't sell Chrysler to GM for more stake in GMAC!

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GM-Chrysler merger appears on hold

Chrysler owner Cerberus Capital Management and GM have been in talks about a merger for weeks, according to people familiar with the talks.

The effort in recent days, however, seemed to be getting in the way of GM’s efforts to secure financial assistance from the federal government. The UAW opposed the idea of a merger that would result in substantial job losses. Industry analysts have predicted a GM-Chrysler merger would result in 30,000 to 40,000 job losses at Chrysler and additional losses through the economy.

While not specifically naming Chrysler, GM said today that “considerations of such a transaction as a near-term priority have been set aside.”

Spokespeople from GM and Cerberus have not been commenting on the talks since they were first revealed publicly about a month ago.

“GM has recently explored the possibility of a strategic acquisition that it believed would generate significant cost reduction synergies and substantially strengthen GM’s financial position in the medium and long term, while being neutral or modestly positive to cash flow even in the near term,” GM’s statement said. “While the acquisition could potentially have provided significant benefits, the company has concluded that it is more important at the present time to focus on its immediate liquidity challenges and, accordingly, considerations of such a transaction as a near-term priority have been set aside.”


In response to GM’s statement, Chrysler issued its own that neither confirmed nor denied that it was part of talks to merger with GM.

“As we have previously stated, Chrysler LLC neither confirms nor discloses the nature of its private business meetings, as many times they do not come to fruition,” Chrysler CEO Bob Nardelli said in a statement.

“Returning Chrysler to profitability continues to be the key focus of the management team,” Nardelli added. “We are significantly challenged by today’s economic environment and by the automotive industry's unprecedented downturn. As an independent company, we will continue to explore multiple strategic alliances or partnerships as we investigate growth opportunities around the world that would aid in our return to profitability.”


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GM-Chrysler merger appears on hold

Chrysler owner Cerberus Capital Management and GM have been in talks about a merger for weeks, according to people familiar with the talks.

The effort in recent days, however, seemed to be getting in the way of GM’s efforts to secure financial assistance from the federal government. The UAW opposed the idea of a merger that would result in substantial job losses. Industry analysts have predicted a GM-Chrysler merger would result in 30,000 to 40,000 job losses at Chrysler and additional losses through the economy.

While not specifically naming Chrysler, GM said today that “considerations of such a transaction as a near-term priority have been set aside.”

Spokespeople from GM and Cerberus have not been commenting on the talks since they were first revealed publicly about a month ago.

“GM has recently explored the possibility of a strategic acquisition that it believed would generate significant cost reduction synergies and substantially strengthen GM’s financial position in the medium and long term, while being neutral or modestly positive to cash flow even in the near term,” GM’s statement said. “While the acquisition could potentially have provided significant benefits, the company has concluded that it is more important at the present time to focus on its immediate liquidity challenges and, accordingly, considerations of such a transaction as a near-term priority have been set aside.”


In response to GM’s statement, Chrysler issued its own that neither confirmed nor denied that it was part of talks to merger with GM.

“As we have previously stated, Chrysler LLC neither confirms nor discloses the nature of its private business meetings, as many times they do not come to fruition,” Chrysler CEO Bob Nardelli said in a statement.

“Returning Chrysler to profitability continues to be the key focus of the management team,” Nardelli added. “We are significantly challenged by today’s economic environment and by the automotive industry's unprecedented downturn. As an independent company, we will continue to explore multiple strategic alliances or partnerships as we investigate growth opportunities around the world that would aid in our return to profitability.”


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GM and Cerberus Wouldn't Ask For Merger Money!

Both companies know they can not get money to finance a merger from the Federal Government. So they know they have to be creative in the language they use to ask for the bailout loan.

As you listen to the politicians and executives you are hearing multiple terms used to ask for the money like: bailout, loan, bridge loan, viability funding, retiree health care fund, crisis funding,...which is it? and exactly what would the extra 25 Billion Dollars be used for?

AP-
GM has been talking to Cerberus Capital Management LP, the majority owner of Chrysler LLC, about acquiring Chrysler. GM is reportedly seeking Chrysler's $11 billion in cash and federal aid to make the deal happen.

Auto industry officials said the companies do not intend to ask Pelosi for Congress' help in financing a merger. Gettelfinger has expressed concern that a GM acquisition of Chrysler would lead to massive job losses.

What they say and what they do are two different things!

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GM and Cerberus Wouldn't Ask For Merger Money!

Both companies know they can not get money to finance a merger from the Federal Government. So they know they have to be creative in the language they use to ask for the bailout loan.

As you listen to the politicians and executives you are hearing multiple terms used to ask for the money like: bailout, loan, bridge loan, viability funding, retiree health care fund, crisis funding,...which is it? and exactly what would the extra 25 Billion Dollars be used for?

AP-
GM has been talking to Cerberus Capital Management LP, the majority owner of Chrysler LLC, about acquiring Chrysler. GM is reportedly seeking Chrysler's $11 billion in cash and federal aid to make the deal happen.

Auto industry officials said the companies do not intend to ask Pelosi for Congress' help in financing a merger. Gettelfinger has expressed concern that a GM acquisition of Chrysler would lead to massive job losses.

What they say and what they do are two different things!

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Will President Obama Talk To Cerberus and GM this week?

Well the Election is over, now President Obama and the Dems face some real serious issues.One of the major issues is whether or not the Federal Government will help the auto industry.

President Obama said he would speak to Cerberus and GM after the election.

One would speculate that with Michigan having a Democratic Governor and a new Democratic President stepping into office the merger will happen. It is just a matter of crafting a financially sound plan from the Federal Governments stand point.
Which means what will the auto companies give in return for large sums of cash?

Many reports rumor to have Cerberus talking to other potential buyers, but Cerberus wants to sell Chrysler as a whole because it would have more value. It is possible Nissan could buy Chrysler and sell off what is doesn't want.

But for Cerberus the sweet deal is with General Motors! It gets the rest of GMAC financing for Chrysler and would swiftly be out of the car business. You don't have to be an accountant, lawyer and auto beat writer to figure that out!

We will probably hear more merger news by the weeks end. This is still a serious problem that needs to be addressed immediately and millions of jobs are counting on some intelligent action.

Here is another Gm Chrysler Merger Report--Researched by Industrial Info Resources

GM-Chrysler Merger Talks on Hold Until After Election, as Bush Administration Won't Finance Buyout

SUGAR LAND--November 4, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--In-depth talks between General Motors Corporation and Chrysler LLC (Auburn Hills, Michigan) have reached an impasse and will be placed on temporary hold until after the November 4 elections, as the Bush administration has opted not to finance the merger of the two automotive giants. GM and Chrysler had been asking the Bush administration for $10 billion-$15 billion in government aid to help finance the merger; however, that aid was denied late last week.

In the meantime, Cerberus Capital Management LP (New York, New York), the private equity firm that owns the majority of Chrysler, will reopen talks with other potential suitors who may be interested in acquiring the ailing automaker.

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Will President Obama Talk To Cerberus and GM this week?

Well the Election is over, now President Obama and the Dems face some real serious issues.One of the major issues is whether or not the Federal Government will help the auto industry.

President Obama said he would speak to Cerberus and GM after the election.

One would speculate that with Michigan having a Democratic Governor and a new Democratic President stepping into office the merger will happen. It is just a matter of crafting a financially sound plan from the Federal Governments stand point.
Which means what will the auto companies give in return for large sums of cash?

Many reports rumor to have Cerberus talking to other potential buyers, but Cerberus wants to sell Chrysler as a whole because it would have more value. It is possible Nissan could buy Chrysler and sell off what is doesn't want.

But for Cerberus the sweet deal is with General Motors! It gets the rest of GMAC financing for Chrysler and would swiftly be out of the car business. You don't have to be an accountant, lawyer and auto beat writer to figure that out!

We will probably hear more merger news by the weeks end. This is still a serious problem that needs to be addressed immediately and millions of jobs are counting on some intelligent action.

Here is another Gm Chrysler Merger Report--Researched by Industrial Info Resources

GM-Chrysler Merger Talks on Hold Until After Election, as Bush Administration Won't Finance Buyout

SUGAR LAND--November 4, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--In-depth talks between General Motors Corporation and Chrysler LLC (Auburn Hills, Michigan) have reached an impasse and will be placed on temporary hold until after the November 4 elections, as the Bush administration has opted not to finance the merger of the two automotive giants. GM and Chrysler had been asking the Bush administration for $10 billion-$15 billion in government aid to help finance the merger; however, that aid was denied late last week.

In the meantime, Cerberus Capital Management LP (New York, New York), the private equity firm that owns the majority of Chrysler, will reopen talks with other potential suitors who may be interested in acquiring the ailing automaker.

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AP Report 11/03/08--Cerberus Waiting For New Prez. To Help Broker GM Chrysler Deal

AP source: Next prez to shape any GM-Chrysler deal

DETROIT: Discussions over potential government funding to facilitate a General Motors acquisition of Chrysler are on hold until after Tuesday's election, and the end result likely will be decided by whoever wins the presidential contest, according to a person briefed on the financing details of the negotiations.

General Motors Corp. and Chrysler LLC were still reviewing numerous options to help the deal, including tapping into a portion of the $700 billion federal bailout being administered by the Treasury Department, the person said Monday.

"I think it's silly for anyone to count anything out," said the person, who asked not to be identified because the negotiations are private.

Another person briefed on the talks said that despite reports to the contrary, Nissan Motor Co. is still involved in the discussions, although Chrysler's majority owner, Cerberus Capital Management LP, would prefer GM as a single buyer.

That person also spoke on condition of anonymity because the talks are confidential.

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AP Report 11/03/08--Cerberus Waiting For New Prez. To Help Broker GM Chrysler Deal

AP source: Next prez to shape any GM-Chrysler deal

DETROIT: Discussions over potential government funding to facilitate a General Motors acquisition of Chrysler are on hold until after Tuesday's election, and the end result likely will be decided by whoever wins the presidential contest, according to a person briefed on the financing details of the negotiations.

General Motors Corp. and Chrysler LLC were still reviewing numerous options to help the deal, including tapping into a portion of the $700 billion federal bailout being administered by the Treasury Department, the person said Monday.

"I think it's silly for anyone to count anything out," said the person, who asked not to be identified because the negotiations are private.

Another person briefed on the talks said that despite reports to the contrary, Nissan Motor Co. is still involved in the discussions, although Chrysler's majority owner, Cerberus Capital Management LP, would prefer GM as a single buyer.

That person also spoke on condition of anonymity because the talks are confidential.

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Merger Halted? Massive Cuts maybe Coming To Save GM!

Well here we go again! Another wild week of hoping, praying and speculation.Will the employees of GM and Chrysler hear something this week?

The election is one day away and both candidates have agreed on meeting with The Big 3.

Just two weeks ago John McCain wanted nothing to do with the auto industry. Well i think that just may have something to do with Election, what great timing!

Trust me Plan A didn't work (Sell Chrysler to GM) and Plan B Didn't Work(Sell Chrysler to Nissan Renault) There is a Plan C (?)

This month of November General Motors will have record breaking job cuts and Chrysler will expedite it's already planned plant closings. There is no other option unless Federal money is involved.

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Merger Halted? Massive Cuts maybe Coming To Save GM!

Well here we go again! Another wild week of hoping, praying and speculation.Will the employees of GM and Chrysler hear something this week?

The election is one day away and both candidates have agreed on meeting with The Big 3.

Just two weeks ago John McCain wanted nothing to do with the auto industry. Well i think that just may have something to do with Election, what great timing!

Trust me Plan A didn't work (Sell Chrysler to GM) and Plan B Didn't Work(Sell Chrysler to Nissan Renault) There is a Plan C (?)

This month of November General Motors will have record breaking job cuts and Chrysler will expedite it's already planned plant closings. There is no other option unless Federal money is involved.

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UAW hires Girsky as adviser on federal bailout, GM-Chrysler

The UAW has hired veteran Wall Street consultant Stephen Girsky to advise the union on automakers' federal bailout talks and a possible tie-up between General Motors and Chrysler LLC, Automotive News learned today.

Girsky, 46, is a former senior auto analyst with Morgan Stanley who became an adviser to GM CEO Rick Wagoner. He left GM in 2006 after less than a year.
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