Friday, November 7, 2008

Bob Nardelli & Rick Wagoner Annouce-Gm Chrysler Merger Set Aside, For Now!

Wait a minute, is this the same Gm Chrysler Merger that was dismissed as rumors and speculation by Chrysler Officials last week!

CEO Of GM Rick Wagoner and Bob Nardelli finally tell their workers, investors and all those involved with the auto world that the GM Chrysler Merger is set aside for the short term.

Bob Nardelli-" important at the present time to focus on our immediate liquidity challenges, and, accordingly, we have set aside consideration of such a transaction as a near-term priority"

And Rick Wagoner echoing Bob Nardelli's same statement that" The acquisition of Chrysler is set aside for the short term."

LA Times-
Without naming Chrysler, GM officials today acknowledged that such talks had been pursued but said that they were being put aside for the moment.

"We had explored the possibility" of a merger, Wagoner said. But "we've concluded at this particular time that it's important we put 100% of our emphasis on the liquidity situation."
Some are reporting that the merger talks are off, they are set aside for now, not off. Analyst knew GM didn't have the money two weeks ago to purchase Chrysler, they need the influx of cash for The Feds.

If GM gets the Federal money it needs it will purchase Chrysler. Cerberus has no intent of staying in the automotive business and would still rather sell Chrysler as a whole.

Until the Federal Government decides to loan them money, it will be a race to shed labor costs, cut projects and close plants.

Don't Think For A Minute Cerberus won't sell Chrysler to GM for more stake in GMAC!

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