GM / Chrysler story
10-19-2008, 05:58 PM
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RE: GM / Chrysler story
GM-Chrysler push for quick deal
Updated 14m ago | Comments20 | Recommend
By Sharon Silke Carty and Chris Woodyard, USA TODAY
DETROIT — Negotiators hope to finalize a merger agreement between General Motors (GM) and Chrysler before the presidential election and are lobbying for government financial assistance to help clinch the deal, says a source who has been briefed on the talks.
They are pointing to the impact on the U.S. economy if either company were to fail, compared with the viability of a merged colossus that would control 36% of the U.S. auto market. Those are the chief selling points in asking for government help, says the source, who did not want to be identified because talks are not public.
Cerberus Capital Management, which controls Chrysler, has been pushing to make GMAC, GM's financing arm, a significant part of the deal. Cerberus already owns more than 50% of GMAC but wants it all. The source says that's been a sticking point because GM has said it won't give up its stake.
Talks are expected to continue this week, underscoring the pace at which a fundamental reshaping of the auto industry is taking place.
Ford Motor is seeking to sell all or part of its stake in Japan's Mazda to a group of Japanese companies. The report appeared in the Japanese press last week and was confirmed by two people who have been briefed on the proposal but said they could not comment on the record.
Industry consolidation is being driven by fears of a prolonged recession that has already resulted in plant closings and production cuts. The automakers need cash, and lots of it, to weather the downturn.
Chrysler workers would be vulnerable if the GM deal goes through. GM wants to use Chrysler's $11.7 billion in cash to shut down most of Chrysler's operations while keeping its brands, the source says. GM has been shrinking, too, most recently by trying to sell its Hummer SUV line.
Yet after years of withering, a combined GM and Chrysler could command government attention if the world's largest automaker hits even rockier times. "If they do come together, they really do become too big to fail," says David Cole, chairman of the Center for Automotive Research.
Congress recently approved a $25 billion loan program for Detroit's Big 3 aimed at helping fund development of more fuel-efficient vehicles. It's unclear just what form government assistance might take in a GM-Chrysler deal.
Carty reported from Detroit, Woodyard from Los Angeles
Updated 14m ago | Comments20 | Recommend
By Sharon Silke Carty and Chris Woodyard, USA TODAY
DETROIT — Negotiators hope to finalize a merger agreement between General Motors (GM) and Chrysler before the presidential election and are lobbying for government financial assistance to help clinch the deal, says a source who has been briefed on the talks.
They are pointing to the impact on the U.S. economy if either company were to fail, compared with the viability of a merged colossus that would control 36% of the U.S. auto market. Those are the chief selling points in asking for government help, says the source, who did not want to be identified because talks are not public.
Cerberus Capital Management, which controls Chrysler, has been pushing to make GMAC, GM's financing arm, a significant part of the deal. Cerberus already owns more than 50% of GMAC but wants it all. The source says that's been a sticking point because GM has said it won't give up its stake.
Talks are expected to continue this week, underscoring the pace at which a fundamental reshaping of the auto industry is taking place.
Ford Motor is seeking to sell all or part of its stake in Japan's Mazda to a group of Japanese companies. The report appeared in the Japanese press last week and was confirmed by two people who have been briefed on the proposal but said they could not comment on the record.
Industry consolidation is being driven by fears of a prolonged recession that has already resulted in plant closings and production cuts. The automakers need cash, and lots of it, to weather the downturn.
Chrysler workers would be vulnerable if the GM deal goes through. GM wants to use Chrysler's $11.7 billion in cash to shut down most of Chrysler's operations while keeping its brands, the source says. GM has been shrinking, too, most recently by trying to sell its Hummer SUV line.
Yet after years of withering, a combined GM and Chrysler could command government attention if the world's largest automaker hits even rockier times. "If they do come together, they really do become too big to fail," says David Cole, chairman of the Center for Automotive Research.
Congress recently approved a $25 billion loan program for Detroit's Big 3 aimed at helping fund development of more fuel-efficient vehicles. It's unclear just what form government assistance might take in a GM-Chrysler deal.
Carty reported from Detroit, Woodyard from Los Angeles
10-19-2008, 06:36 PM
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RE: GM / Chrysler story
and some more...
GM eyes Chrysler cash, talks progressing
October 19, 2008 10:15 PM ET
DETROIT (Reuters) - General Motors Corp is pushing ahead with talks to acquire Chrysler LLC in a deal that the automaker sees as a way to boost its cash position at a time when it has been shut out of debt markets and its own revenues are tumbling, sources said.
The negotiations involving Cerberus Capital Management , Chrysler's private equity owner, have intensified in recent days and are moving closer toward a conclusion, according to people briefed on the talks who asked not to be identified.
The prospect of merging Chrysler and GM has been viewed as a deal of desperation by most analysts since both automakers are losing money and are saddled with a cash-draining surplus of American dealers, workers and plants.
But GM executives believes the automaker could clinch a deal that would give it a share of Chrysler's remaining cash while allowing it to cut costs quickly, the sources said.
Although it does not report financial information, Cerberus has said Chrysler ended June with $11.7 billion.
Chrysler has 14 assembly plants and the expectation is that many of those would be in danger of being shut if it merges.
Once the deal closes, GM is only interested in keeping Chrysler plants where the No. 3 U.S. automaker has made significant investments in retooling, the sources said.
That could include Chrysler's truck plant in Saltillo, Mexico, the Jefferson North Jeep plant in Detroit and its Belvidere, Illinois car assembly plant, one source briefed on the talks said. The sources were not authorized to discuss the talks since the companies are saying nothing on the record.
But such a deal would involve the loss of thousands of jobs, deepening a slump in rust-belt states like Michigan and Ohio that has been a key issue for both presidential candidates.
It would also mean the end of Detroit's "Big Three," sending the curtain down on Chrysler after a turbulent 80-year run that saw it lurch from booms to busts and back while setting smart designs with products like the first minivans and the 300 sedan.
"This would basically mean the end of Chrysler," said Global Insight analyst Aaron Bragman.
GM could not be immediately reached for comment. Cerberus and Chrysler had no comment.
UNCERTAINTIES ABOUND
It was not clear how Chrysler's obligations to a health-care trust affiliated with the United Auto Workers or how Chrysler creditors representing $9 billion in debt would be treated under a merger with GM.
Sources familiar with the thinking of Cerberus have said the private equity firm wants to keep a stake in any merger of Chrysler with another automaker.
Both Cerberus and GM have been hit by the growing pressure on credit markets in recent weeks.
Detroit-based GMAC, now 51-percent owned by Cerberus, has seen its access to funds pressured by the financial market turmoil and has sharply restricted loans to GM car buyers.
Recent trading in GM bonds suggests that its cost of funds would be above a punitive 20 percent, analysts have said.
With new borrowing off the table, GM has shifted its attention to getting a fast share of $25 billion in recently approved, taxpayer-backed loans from the U.S. government and the Chrysler deal, people familiar with the talks have said.
GM burned through $3.6 billion in cash in the second quarter and is expected to show an even faster rate of cash burn in the current quarter as auto sales slumped further and it recorded charges to cut some 5,000 salaried jobs.
GM ended the second-quarter with $21 billion in cash and has said it needs to maintain $11 billion and $14 billion.
Analysts say it is not clear how much of that would be left for GM after payouts to cut ized factory jobs and to dealerships the merged company would no longer need.
U.S. auto dealerships are independent businesses protected by franchise laws. GM spent an estimated $2 billion to shut down its Oldsmobile brand in 2000.
"How much of the Chrysler cash is left remains to be seen," said Global Insight's Bragman. "A good chunk would have to go toward closing hundreds if not thousands of dealers."
GM has about 6,550 stores for its eight brands, the most of any automaker. Chrysler started the year with just over 3,500 dealerships but has been looking to reduce that number and shift more of its retail outlets to dealerships that carry all three of its brands: Chrysler, Jeep and Dodge.
Chrysler sales are down 25 percent and GM sales are down 18 percent through September, a decline coupled with tighter credit that has caused deep losses for many dealers.
The National Automobile Dealers Association warned that some 700 of the nation's 20,000 franchised car dealers could shut this year because of the downturn even before talk of the GM deal for Chrysler surfaced.
"You would see a lot fewer Chrysler dealers if this deal came to be," said Harry Lane, a Knoxville-based auto commentator and a former Chrysler dealer.
The degree of opposition from GM's s in Canada and the United States to a Chrysler acquisition is another wild card.
Even after a recent buyouts, GM has 64,000 hourly workers in the United States, almost all represented by the United Auto Workers . Chrysler has 33,000.
When Daimler opted to sell Chrysler in February 2007, it had first approached GM, seeing the top U.S. automaker as the strongest potential buyer. But GM executives balked at a deal then because of concern about provoking the with deep job cuts ahead of a recent round of contract talks, a person familiar with those negotiations said.
(Editing by Kim Coghill)
Copyright 2008 Reuters
10-19-2008, 07:26 PM
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RE: GM / Chrysler story
ahhh... but maybe there is hope...
GM, Chrysler aim to wrap up merger within two weeks: report
15 minutes ago
WASHINGTON (AFP) — US automakers General Motors and Chrysler aim to finalize their merger agreement within the next two weeks, or before the November 4 presidential election, USA Today has reported on its website.
Citing a source who has been briefed on the talks, the newspaper said Sunday the two companies are also lobbying for government financial assistance to help clinch the deal.
A source briefed on the discussions said the talks have intensified as representatives from the companies try to see if the potential costs savings could outweigh the difficulties that come with combining firms with overlapping product lines and vastly different corporate cultures.
Neither company has publicly acknowledged that explicit discussions about a possible merger are under way, however they have done little to squash the rumors and leaks.
According to USA Today, Cerberus Capital Management, Chrysler's parent company, has been pushing to make GMAC, GM"s financing arm, a part of the deal.
Cerberus already owns more than 50 percent of GMAC but wants it all, the paper said.
This demand has been a sticking point because GM has said it won"t give up its stake in its financial arm, according to the report.
The merger talk also is being driven by a sharp downturn in US car sales and tightening credit, which has frozen millions of buyers out of the market and also made it harder for automakers to borrow money to keep their plants running amid massive losses.
15 minutes ago
WASHINGTON (AFP) — US automakers General Motors and Chrysler aim to finalize their merger agreement within the next two weeks, or before the November 4 presidential election, USA Today has reported on its website.
Citing a source who has been briefed on the talks, the newspaper said Sunday the two companies are also lobbying for government financial assistance to help clinch the deal.
A source briefed on the discussions said the talks have intensified as representatives from the companies try to see if the potential costs savings could outweigh the difficulties that come with combining firms with overlapping product lines and vastly different corporate cultures.
Neither company has publicly acknowledged that explicit discussions about a possible merger are under way, however they have done little to squash the rumors and leaks.
According to USA Today, Cerberus Capital Management, Chrysler's parent company, has been pushing to make GMAC, GM"s financing arm, a part of the deal.
Cerberus already owns more than 50 percent of GMAC but wants it all, the paper said.
This demand has been a sticking point because GM has said it won"t give up its stake in its financial arm, according to the report.
The merger talk also is being driven by a sharp downturn in US car sales and tightening credit, which has frozen millions of buyers out of the market and also made it harder for automakers to borrow money to keep their plants running amid massive losses.
10-20-2008, 01:59 AM
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RE: GM / Chrysler story
I ran across this interesting MSNBC story from February 2007. It discusses GM's plans for Chrysler at that time. I would imagine that if the merger takes place, a lot of them would still be in effect. In other words, there still would be a Dodge, Chrysler and Jeep:
Automaker needs a bargain price, concessions to pull off deal
By David Welch
updated 7:33 a.m. CT, Wed., Feb. 21, 2007
There is now no doubt that General Motors is interested in Chrysler. It's even more obvious that its German parent, Stuttgart-based DaimlerChrysler, wants to cut it loose. As BusinessWeek.com reported on Feb. 18, GM executives have recently looked closely at the benefits of a deal, even before Daimler Chairman Dieter Zetsche said he would consider selling the company. GM is serious enough about the prospective acquisition that it has consulted with its board of directors.
GM executives have also war-gamed specific strategies for cutting costs and streamlining operations if they do acquire Chrysler. They have picked through various product lines to determine whether two or more can be built on the same platform to trim costs and simplify purchasing. Possibilities include building the next-generation Dodge Ram pickup with the same platform as the Chevrolet Silverado and using the Jeep Wrangler platform for the Hummer H4 concept car from GM. GM executives also see an opportunity to improve Chrysler's profitability by buying parts from around the globe.
DaimlerChrysler looks determined to jettison the company it acquired almost nine years ago. Zetsche said on Feb. 14 that the company was considering all options for Chrysler, including a possible sale. But a deal with GM is far from assured. There are other potential bidders for Chrysler, including Renault-Nissan and Hyundai, both of which seek growth in the U.S. market.
Even if no serious alternative bidders step forward, a lot has to happen before GM can walk away with its longtime rival. Sources within GM say that, first of all, they would have to get Chrysler just about for free. And to make the deal work, the United Auto Workers would have to make a big concession to both companies on retiree health-care liabilities, says one source close to the situation.
Analysts say that would be the only way to make such a challenging deal happen. GM's health-care liabilities are between $50 billion and $60 billion. Chrysler's are $22 billion. Combining them "is just compounding the problem," says David Cole, chairman of the Center for Automotive Research in Ann Arbor, Mich. "If they can't get something related to that long-term health-care liability, they can't get a deal done."
Then there is the possibility that the two companies would close plants and marry their manufacturing operations. Sean McAlinden, chief economist at CAR, says that alone could mean the reduction of 10,000 to 15,000 jobs. The UAW would have to come to the table willing to make significant concessions.
Streamlining dealerships
If GM ends up buying Chrysler, McAlinden says it would cost GM a fortune to get rid of many of the 3,400 Chrysler, Jeep, and Dodge dealers. Chrysler is already trying to thin out its herd of dealers. A streamlined Chrysler would need even fewer. State franchise laws all but require a buyout to get rid of dealers, even if the manufacturer doesn't need them. "Every one of them has a lawyer and a state legislature on their side," McAlinden says.
GM has looked at plenty of reasons to try to buy Chrysler, though. In addition to adding its $62 billion in revenue while gutting the white-collar staff that makes up a lot of the structural cost, GM has already looked at how the two companies could complement each other.
GM could, for example, try to accelerate Chrysler's existing plan to combine Chrysler, Dodge, and Jeep at the dealer level so that every dealership sells all three brands. GM has had success with a similar plan that has put Buick, Pontiac, and GMC models under one roof in many markets. One way GM accelerated that strategy was by eliminating vehicles that were basically the same but sold under both the Buick and Pontiac names. After GM reduced the number of vehicles each brand sells, some dealers decided on their own to get out.
That reveals another headache for any company buying Chrysler. While the company has pushed dealers to sell to others so that all three brands are under one roof, Chrysler has simultaneously added rebadged or similar cars to each of its brands. That enables dealers who sell just one or two of the brands to soldier on without adding other Chrysler brands to their offering because they already have a full line of vehicles to sell. Chrysler brand dealers now sell the Aspen sport-utility vehicle, which is a rebadged Dodge Durango. Dodge dealers sell the Nitro, which is similar to the Jeep Liberty. The Dodge Caliber and Jeep Compass are also similar models in consumers' eyes.
GM thinks it could pare down Chrysler's lineup by eliminating redundant cars. At the same time, GM considers Chrysler's minivans a strong product line. And one executive remarked that Jeep has the highest loyalty rate among Chrysler's brands. GM could use the Wrangler platform to make a Hummer H4, a concept car that GM wants to build but hasn't because the company doesn't have a platform.
Chrysler's midsize Sebring and Avenger sedans could be built using GM's global midsize car platform on which the Opel Vectra, Chevrolet Malibu, and Saturn Aura are now based. That would give Chrysler something it lacks, something Daimler's Mercedes-Benz division could never give it: global sales volume and purchasing power.
There are many benefits, according to GM insiders. But big problems, too. In addition to retiree costs, Chrysler's sales strategy of discounting cars and selling cheap vehicles to rental fleets has flooded the market with cars. Some GM executives think the worst is yet to come. Chrysler will have to keep pulling back production while dealers sell through the excess inventory. "They have really oversupplied the market," says one GM insider. "The cost of that is still ahead of them."
In other words, GM has its eyes open to the pitfalls of buying Chrysler. "I can see GM looking at getting Chrysler at a price you can't refuse," Cole says. Daimler may even be willing to give up Chrysler at such a price. But getting the and dealers to make it an easy acquisition to swallow may be much harder to do.
Automaker needs a bargain price, concessions to pull off deal
By David Welch
updated 7:33 a.m. CT, Wed., Feb. 21, 2007
There is now no doubt that General Motors is interested in Chrysler. It's even more obvious that its German parent, Stuttgart-based DaimlerChrysler, wants to cut it loose. As BusinessWeek.com reported on Feb. 18, GM executives have recently looked closely at the benefits of a deal, even before Daimler Chairman Dieter Zetsche said he would consider selling the company. GM is serious enough about the prospective acquisition that it has consulted with its board of directors.
GM executives have also war-gamed specific strategies for cutting costs and streamlining operations if they do acquire Chrysler. They have picked through various product lines to determine whether two or more can be built on the same platform to trim costs and simplify purchasing. Possibilities include building the next-generation Dodge Ram pickup with the same platform as the Chevrolet Silverado and using the Jeep Wrangler platform for the Hummer H4 concept car from GM. GM executives also see an opportunity to improve Chrysler's profitability by buying parts from around the globe.
DaimlerChrysler looks determined to jettison the company it acquired almost nine years ago. Zetsche said on Feb. 14 that the company was considering all options for Chrysler, including a possible sale. But a deal with GM is far from assured. There are other potential bidders for Chrysler, including Renault-Nissan and Hyundai, both of which seek growth in the U.S. market.
Even if no serious alternative bidders step forward, a lot has to happen before GM can walk away with its longtime rival. Sources within GM say that, first of all, they would have to get Chrysler just about for free. And to make the deal work, the United Auto Workers would have to make a big concession to both companies on retiree health-care liabilities, says one source close to the situation.
Analysts say that would be the only way to make such a challenging deal happen. GM's health-care liabilities are between $50 billion and $60 billion. Chrysler's are $22 billion. Combining them "is just compounding the problem," says David Cole, chairman of the Center for Automotive Research in Ann Arbor, Mich. "If they can't get something related to that long-term health-care liability, they can't get a deal done."
Then there is the possibility that the two companies would close plants and marry their manufacturing operations. Sean McAlinden, chief economist at CAR, says that alone could mean the reduction of 10,000 to 15,000 jobs. The UAW would have to come to the table willing to make significant concessions.
Streamlining dealerships
If GM ends up buying Chrysler, McAlinden says it would cost GM a fortune to get rid of many of the 3,400 Chrysler, Jeep, and Dodge dealers. Chrysler is already trying to thin out its herd of dealers. A streamlined Chrysler would need even fewer. State franchise laws all but require a buyout to get rid of dealers, even if the manufacturer doesn't need them. "Every one of them has a lawyer and a state legislature on their side," McAlinden says.
GM has looked at plenty of reasons to try to buy Chrysler, though. In addition to adding its $62 billion in revenue while gutting the white-collar staff that makes up a lot of the structural cost, GM has already looked at how the two companies could complement each other.
GM could, for example, try to accelerate Chrysler's existing plan to combine Chrysler, Dodge, and Jeep at the dealer level so that every dealership sells all three brands. GM has had success with a similar plan that has put Buick, Pontiac, and GMC models under one roof in many markets. One way GM accelerated that strategy was by eliminating vehicles that were basically the same but sold under both the Buick and Pontiac names. After GM reduced the number of vehicles each brand sells, some dealers decided on their own to get out.
That reveals another headache for any company buying Chrysler. While the company has pushed dealers to sell to others so that all three brands are under one roof, Chrysler has simultaneously added rebadged or similar cars to each of its brands. That enables dealers who sell just one or two of the brands to soldier on without adding other Chrysler brands to their offering because they already have a full line of vehicles to sell. Chrysler brand dealers now sell the Aspen sport-utility vehicle, which is a rebadged Dodge Durango. Dodge dealers sell the Nitro, which is similar to the Jeep Liberty. The Dodge Caliber and Jeep Compass are also similar models in consumers' eyes.
GM thinks it could pare down Chrysler's lineup by eliminating redundant cars. At the same time, GM considers Chrysler's minivans a strong product line. And one executive remarked that Jeep has the highest loyalty rate among Chrysler's brands. GM could use the Wrangler platform to make a Hummer H4, a concept car that GM wants to build but hasn't because the company doesn't have a platform.
Chrysler's midsize Sebring and Avenger sedans could be built using GM's global midsize car platform on which the Opel Vectra, Chevrolet Malibu, and Saturn Aura are now based. That would give Chrysler something it lacks, something Daimler's Mercedes-Benz division could never give it: global sales volume and purchasing power.
There are many benefits, according to GM insiders. But big problems, too. In addition to retiree costs, Chrysler's sales strategy of discounting cars and selling cheap vehicles to rental fleets has flooded the market with cars. Some GM executives think the worst is yet to come. Chrysler will have to keep pulling back production while dealers sell through the excess inventory. "They have really oversupplied the market," says one GM insider. "The cost of that is still ahead of them."
In other words, GM has its eyes open to the pitfalls of buying Chrysler. "I can see GM looking at getting Chrysler at a price you can't refuse," Cole says. Daimler may even be willing to give up Chrysler at such a price. But getting the and dealers to make it an easy acquisition to swallow may be much harder to do.
10-20-2008, 06:22 AM
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RE: GM / Chrysler story
and this just in from Wall Street Journal...
OCTOBER 20, 2008
GM Lacks Investors to Fund Deal With Chrysler
General Motors Corp.'s hopes of buying longtime rival Chrysler LLC are floundering because the auto maker remains unable to secure the financing necessary for the deal, say people familiar with the matter.
In recent days GM, its lenders, and Chrysler owner Cerberus Capital Management, have been trying to woo investors with a pitch about the transaction. That pitch touts a combined GM-Chrysler as delivering cost savings of up to $10 billion, an immediate boost in revenue and an increase in cash available to the merged firm. Outside money is needed to fund the cost-cutting especially buyouts and severance packages.
GM Lacks Investors to Fund Deal With Chrysler
General Motors Corp.'s hopes of buying longtime rival Chrysler LLC are floundering because the auto maker remains unable to secure the financing necessary for the deal, say people familiar with the matter.
In recent days GM, its lenders, and Chrysler owner Cerberus Capital Management, have been trying to woo investors with a pitch about the transaction. That pitch touts a combined GM-Chrysler as delivering cost savings of up to $10 billion, an immediate boost in revenue and an increase in cash available to the merged firm. Outside money is needed to fund the cost-cutting especially buyouts and severance packages.
10-20-2008, 07:03 AM
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RE: GM / Chrysler story
It's looking better for those of us that wish to see Dodge survive.......I am still sticking pins into my GM shaped voodoo doll........
10-20-2008, 09:35 AM
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RE: GM / Chrysler story
ORIGINAL: BLK 6050
It's looking better for those of us that wish to see Dodge survive......
It's looking better for those of us that wish to see Dodge survive......
10-20-2008, 09:58 AM
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RE: GM / Chrysler story
ORIGINAL: RoswellGrey
Realistically, Joe, you better be pulling for the GM merger. If it doesn't happen, Chrysler is far more likely to be sold off piece by piece, which definitely means the end of Dodge.
ORIGINAL: BLK 6050
It's looking better for those of us that wish to see Dodge survive......
It's looking better for those of us that wish to see Dodge survive......
10-20-2008, 10:07 AM
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RE: GM / Chrysler story
ORIGINAL: BLK 6050
Seens either way...it could be a no win situation for Dodge.......
ORIGINAL: RoswellGrey
Realistically, Joe, you better be pulling for the GM merger. If it doesn't happen, Chrysler is far more likely to be sold off piece by piece, which definitely means the end of Dodge.
ORIGINAL: BLK 6050
It's looking better for those of us that wish to see Dodge survive......
It's looking better for those of us that wish to see Dodge survive......