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Possible Merger Between GM and Chrysler
10/11/08 - 04:05 PM
Associated Press
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DETROIT (AP) - Detroit’s Big 3 could become Detroit’s Big 2.

General Motors and Chrysler have reportedly held talks about a possible merger or other acquisition. A person familiar with the talks says they involve Cerberus Capital Management, which owns 80 percent of Chrysler and also has a joint venture with GM.

Besides merger negotiations, The Wall Street Journal reports that Cerberus is proposing trading Chrysler’s automotive operations to GM in exchange for GM’s remaining 49 percent stake in GMAC Financial Services. Cerberus already owns the other 51 percent.

The Journal says the talks, which began more than a month ago, have stalled because of the turmoil in financial markets. The New York Times says its sources say chances of a merger are “50-50.”

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