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Filed under: Chrysler, LLC. , Ford , GM , Rumormill Bill Vlasic, the man who was kind enough to drop the GM/Chrysler pseudo-bombshell on us late Friday night, posted a follow-up to his remarkably unremarkable story claiming that General Motors originally had talks with Ford about a possible merger before approaching the Pentastar people. Again, the New York Times ' scribe cites two unnamed sources about the merger discussions, reporting that GM approached Ford with the proposal, only to have FoMoCo execs shoot down the idea after several meetings. The talks included GM CEO Rick Wagoner, president Frederick Henderson, Ford's executive chairman Bill Ford Jr. and chief exec Alan Mulally. According to the NYT 's shy sources, the Blue Oval boys broke off talks in September when Ford and Mulally came to the conclusion that Ford would be better off reorganizing on its own rather than being tied to another automaker. The Detroit News got in on the action yesterday, citing another anonymous...
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Filed under: Etc. , Government/Legal , Hirings/Firings/Layoffs , Plants/Manufacturing , Chrysler, LLC. , GM Our heads are still reeling from one of the most tumultuous weeks on record, both for the financial world and the auto industry. But despite our best efforts to drown our concerns in Racer5 IPA, the hits keep coming and this time, it's courtesy of the New York Times . The Gray Lady is reporting that General Motors and Chrysler have been in talks about a possible merger for the past month and that two unnamed sources say that the chances of the deal going through are "50-50." With GM's stock prices ending the week below $5 a share and Cerberus - the private equity firm that owns Chrysler - grasping at straws any and all straws, including continued talks with Nissan/Renault, a merger of unequals is two parts disturbing and one part intriguing. Cerberus' people haven't been returning phone calls and the only comment offered to the NYT from the General's...
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Filed under: Government/Legal , Chrysler, LLC. , Ford , GM , Earnings/Financials No matter how you slice it, a proposed $25 billion loan from the Feds is a bailout, and that's exactly what Detroit's Big Three automakers are after, according to a report by the Wall Street Journal. Lobbyists for General Motors, Chrysler and Ford have met with White House officials, Rep. John Dingell and a smattering of Michigan Democrats to discuss the loan, with plans to unveil the proposal after Labor Day. The plan includes lending $25 billion to automakers in its first year at an interest rate of 4.5 percent (about one-third of what the companies are currently paying), with the government having the option to defer any payment for up to five years. Details are scarce, and naturally, GM, Ford and Chrysler reps aren't saying much, but if the automakers and the Feds are serious, expect more information to leak out before the proposal is officially announced. [Source: WSJ , Photo by Tracy O | CC2...
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Filed under: Chrysler, LLC. , GM , Earnings/Financials Despite recent rumblings to the contrary, both General Motors and Chrysler claim that they will not be going bankrupt any time soon. Still, as much as the two American automakers would love to quell fears of unsustainable liquidity, questions remain, especially as the pickup market in the United States continues to dwindle. In a note sent out to dealers, Chrysler's Jim Press and Steven Landry say that the automaker will focus its efforts on small cars for the rest of this year, though the current pickings from the automaker's stable seem a bit slim. Chrysler is surely banking on its alliances to bolster its line of small car offerings, which could help to dampen the blow of lost truck profits -- somewhat. General Motors , for its part, has invested heavily into its upcoming Delta platform vehicles, which will include a compact Chevrolet-branded car known as the Cruze as well as the Chevy Volt electric vehicle. [Source: Automotive...
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