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Global Motors ? V - USA - GM Alliance Chatter Raises the Stakes
New York,NY,USA -TheStreet.com, by Liz Rappaport -July 6, 2006: -- The possibility of an alliance with Nissan and Renault has boosted the stock and bonds of General Motors from already heady levels... Given the fundamental troubles at the junk-rated automaker, investors' optimism about the proposal only makes the stakes higher and the fall potentially harder if the deal doesn't happen... GM shareholder Kirk Kerkorian's suggestion last Friday that the Detroit automaker ally with Nissan and Renault is just an idea thus far, but it sent GM's stock and bonds up about 8% on June 30... GM is the best-performing stock in the Dow Jones Industrial Average, up 51.5% through July 5 vs. 4.1% for the index... GM Chairman and Chief Executive Rick Wagoner and his team are expected to treat the proposal as a hostile move to oust current management, and they are working on counter-arguments, according to a report Thursday in The Wall Street Journal. After the report, GM shares were recently down 0.7% at $29.21; its most volatile 8 3/8% bonds due in 2033 were off by about 1 point, or 1 cent on the dollar, to trade at 80 cents on the dollar...
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