Wednesday, November 5, 2008

AP Report 11/03/08--Cerberus Waiting For New Prez. To Help Broker GM Chrysler Deal

AP source: Next prez to shape any GM-Chrysler deal

DETROIT: Discussions over potential government funding to facilitate a General Motors acquisition of Chrysler are on hold until after Tuesday's election, and the end result likely will be decided by whoever wins the presidential contest, according to a person briefed on the financing details of the negotiations.

General Motors Corp. and Chrysler LLC were still reviewing numerous options to help the deal, including tapping into a portion of the $700 billion federal bailout being administered by the Treasury Department, the person said Monday.

"I think it's silly for anyone to count anything out," said the person, who asked not to be identified because the negotiations are private.

Another person briefed on the talks said that despite reports to the contrary, Nissan Motor Co. is still involved in the discussions, although Chrysler's majority owner, Cerberus Capital Management LP, would prefer GM as a single buyer.

That person also spoke on condition of anonymity because the talks are confidential.

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