DETROIT, USA: General Motors said Thursday it had not renewed merger talks with Chrysler, as the automakers struggled to find survival options and a possible government rescue. “There are no merger talks between GM and Chrysler,” said Tony Cervone, a GM spokesman.
“We stated in November that we tabled any discussion and are focused on our liquidity situation, and that position has not changed.”
The Wall Street Journal reported earlier that Chrysler was seeking to restart discussions on a merger to show the administration of President George W. Bush, currently considering a 14-billion-dollar rescue plan for the industry, that it wants to cooperate in restructuring the industry.
Citing people familiar with the discussions, the newspaper said Chrysler’s owner, Cerberus Capital Management LP, “is eager to make concessions in order to arrange a combination of Chrysler’s finance arm with that of GM.”
On Wednesday Chrysler said it was temporarily halting its manufacturing for at least a month, beginning Friday, in response to the credit crisis and ongoing debate on a rescue for the sector.
this news published by www.apakistannews.com
