Wednesday, October 29, 2008

Report: GM-Chrysler Major Acquisition Issues Resolved

by Calculated Risk on 10/29/2008 01:16:00 PM

From Reuters: Major issues resolved in GM-Chrysler talks-sources

General Motors and Cerberus Capital have resolved the major issues in a proposed GM-Chrysler merger but the final form of any deal will depend on the financing and government support available ... As GM seeks some $10 billion in U.S. government aid to support the deal, Chrysler owner Cerberus is in its own set of intense discussions with banks to refinance $9 billion of Chrysler debt ...
This deal will make GM the number one auto maker again - at least for a little while. GM has fallen further behind Toyota, see WSJ: GM's Vehicle Sales Fell 11% in 3rd Quarter
GM ... sold 2.11 million vehicles in the [third] quarter. That pushed GM, until recently the world's largest auto maker by sales, further behind Toyota Motor Corp., which last week reported third-quarter global sales of 2.24 million vehicles ...