GM, Chrysler deal talks accelerate - report
Talks pick up at the behest of lenders JP Morgan Chase and Cerberus Capital Management.
NEW YORK (CNNMoney.com) -- Merger talks between ailing automakers General Motors Corp. and Chrysler LLC. are reportedly picking up amid increased interest from lenders eager to close a deal.
A report in the Wall Street Journal said banking giant JP Morgan Chase & Co. (JPM, Fortune 500) and Cerberus Capital Management, a private equity fund, are the "major players driving the deal."
JP Morgan is advising Chrysler in the talks while Cerberus would like a stake in a combined GM-Chrysler, the Journal said, citing people familiar with the situation.
But a deal is far from certain. The report said certain members of GM's (GM, Fortune 500) board gave the deal "a cool reception." And it is unclear whether the parties will agree to swapping Chrysler for GM's 49% stake in GMAC LLC, according to the Journal.
Despite the uncertainty, some top-level executives remain "bullish" on the prospects of a merger, the report said.
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