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Business * Germany/USA - German shares higher midday, led by Daimlerchrysler on M&A speculation
Frankfurt,Germany -Forbes (NY,USA)/AFX News Limited -19 Feb 2007: -- German shares were higher early afternoon in relatively low volume trade, led by DaimlerChrysler as speculation over a sale of its Chrysler unit heated up, while rumours a Qatari investment group might purchase a major stake in EADS boosted it to the top of the MDAX, dealers said...
* USA - GM, DCX talks serious - Nation's top automaker could absorb Chrysler
Detroit,Mich,USA -The Detroit News, by Bill Vlasic and Christine Tierney -Feb 19, 2007: -- General Motors Corp. has been in talks for two months with DaimlerChrysler AG about acquiring all of the troubled Chrysler Group and folding its operations into GM, according to people familiar with the discussions... The first contact occurred in December, when GM Chairman Rick Wagoner and DaimlerChrysler Chief Executive Dieter Zetsche met in Detroit to discuss the blockbuster idea of GM buying Chrysler from its German parent company... While a deal is far from certain, at least four meetings have taken place involving Wagoner and GM's chief financial officer, Fritz Henderson, and Zetsche and DaimlerChrysler's CFO Bodo Uebber. Talks are said to be ongoing, primarily between Henderson and Uebber...
* OPINION/USA - GM-Chrysler deal would be frightful
Detroit,Mich,USA -The Detroit News, by Daniel Howes -Feb 19, 2007: -- A tie-up between the two longtime rivals would be a tough pill for Metro Detroit... The folks at Chrysler, gutting through another restructuring as their company is in play, probably can feel his pain. The signals coming from the German mother ship suggest they've been written off, too. Worse, they're suggesting Detroit's No. 3 automaker should be acquired by its No. 1 crosstown rival... That would be a disaster for this town, for the United Auto Workers, for this state and for its largest automaker's efforts to stay focused and methodically fix its own problems... Michigan's numbing job losses likely would mount, not slow, as the new entity rationalized operations to keep up with nimbler rivals. Product lines, if not entire brands, would be killed, with all that portends for people and long-suffering dealers. More tax-generating real estate likely would stand empty... In a bid for market share, GM would get saddled with an estimated $18 billion in new health care liabilities from Chrysler, after spending the past two years trying to reduce its own crushing liabilities. GM would get more dealers when it needs less; more plant capacity when it needs less; more North American capability in engineering it arguably doesn't need...
Labels: business
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