Chrysler, GM discuss merger, acquisition
By TOM KRISHER
AP Business Writer
DETROIT (AP) — General Motors Corp., Chrysler LLC and Cerberus Capital Management LP have held preliminary talks about a merger or an acquisition of Chrysler by GM, according to a person familiar with the talks.
Chrysler, which is 80.1 percent owned by Cerberus, already has a joint venture with GM making a hybrid gas-electric powertrain, and has discussed a full merger or acquisition with GM, said the person, who did not want to be identified because the talks have not been made public.
The Wall Street Journal, citing people it described as familiar with the discussions, reported that Cerberus, a private equity firm that also owns 51 percent of GMAC Financial Services, proposed trading Chrysler’s automotive operations to GM in exchange for GM’s remaining 49 percent stake in GMAC.
The New York Times, also citing people familiar with the talks, reported that the automakers were discussing a merger.
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