THE BIG THREE DOWNSIZING?
Sun, 2008-10-12 16:29
GM reportedly talking merger with Chrysler after pitching the idea to Ford …
This one might put a crimp in motorsports if it comes to pass.
According to a Reuters report released on Saturday, General Motors has engaged in talks with Chrysler LLC regarding a merger at a time when both are struggling to cut costs and grow cash. Months earlier, according to the same source, GM had approached Ford with a similar scenario.
Reportedly, the talks are off for the present, but should they resume, the Big Three could downsize. GM reportedly talking merger with Chrysler after pitching the idea to Ford …
This one might put a crimp in motorsports if it comes to pass.
According to a Reuters report released on Saturday, General Motors has engaged in talks with Chrysler LLC regarding a merger at a time when both are struggling to cut costs and grow cash. Months earlier, according to the same source, GM had approached Ford with a similar scenario.
Reportedly, the talks are off for the present, but should they resume, the Big Three could downsize.
The report also stated that Barron’s, a weekly publication for investors from the publisher of the Wall Street Journal, reported that GM was preparing to approach the U.S. Federal Reserve about borrowing money from the central bank's discount window because of the logjam in credit markets that has shut it out of other borrowing.
This move comes in unison as the three Detroit-based automakers struggle with 15-year lows of sales and questions whether they have cash to weather the financial storm.
Analysts predict urgent steps by U.S. automakers to shore up cash could be the norm as the worldwide financial crisis begins to affect auto sales in the usually strong markets in Europe, Asia and South America.
Chrysler, which no longer discloses results as a private company, reportedly has had discussions about a tie-up with India's Tata Motors and Italy's Fiat in recent months.
GM shares plummeted to near a 60-year low this week based on worries the worldwide financial crisis could derail plans for a turnaround.
GM along with Ford has reportedly ruled out seeking bankruptcy protection at this time.
This one might put a crimp in motorsports if it comes to pass.
According to a Reuters report released on Saturday, General Motors has engaged in talks with Chrysler LLC regarding a merger at a time when both are struggling to cut costs and grow cash. Months earlier, according to the same source, GM had approached Ford with a similar scenario.
Reportedly, the talks are off for the present, but should they resume, the Big Three could downsize. GM reportedly talking merger with Chrysler after pitching the idea to Ford …
This one might put a crimp in motorsports if it comes to pass.
According to a Reuters report released on Saturday, General Motors has engaged in talks with Chrysler LLC regarding a merger at a time when both are struggling to cut costs and grow cash. Months earlier, according to the same source, GM had approached Ford with a similar scenario.
Reportedly, the talks are off for the present, but should they resume, the Big Three could downsize.
The report also stated that Barron’s, a weekly publication for investors from the publisher of the Wall Street Journal, reported that GM was preparing to approach the U.S. Federal Reserve about borrowing money from the central bank's discount window because of the logjam in credit markets that has shut it out of other borrowing.
This move comes in unison as the three Detroit-based automakers struggle with 15-year lows of sales and questions whether they have cash to weather the financial storm.
Analysts predict urgent steps by U.S. automakers to shore up cash could be the norm as the worldwide financial crisis begins to affect auto sales in the usually strong markets in Europe, Asia and South America.
Chrysler, which no longer discloses results as a private company, reportedly has had discussions about a tie-up with India's Tata Motors and Italy's Fiat in recent months.
GM shares plummeted to near a 60-year low this week based on worries the worldwide financial crisis could derail plans for a turnaround.
GM along with Ford has reportedly ruled out seeking bankruptcy protection at this time.
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