[Chrysler300] Fw: Chrysler to take over GM - Dow Jones Newswire....

["Wayne Graefen" <wgraefen@xxxxxxxxxxxxxx>]

          As far as I can tell this is not a joke.  I got this from a friend who is retired from the industry.  Anyone else know anything on this?
          Wayne G
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              Update: Auto Task Force Could Announce take over of GM by Chrysler Next Week 
             
              03/19  8:30 am (DJN) 

              (Adds comments by Chrysler CFO Ron Kolka) 

               By Josh Mitchell Of DOW JONES NEWSWIRES 

               WASHINGTON -(Dow Jones)- Members of President Barack Obama's auto task force told U.S. lawmakers that it might make an "illuminative" announcement as early as next week on bailout requests by General Motors Corp. (GM) and Chrysler LLC, an auto-industry ally on Capitol Hill said Wednesday. 

              During a meeting this week, task force members told lawmakers to expect "something very illuminative" possibly next week, Rep. Candice Miller, R-Mich., told reporters during a conference call. 

              The White House doesn't relish playing matchmaker: The U.S. already has doled out $13.4 billion to GM and around another $4 billion to Chrysler. But President Obama sees combining two of the former Big Three as the best bet to rescuing the automakers and hundreds of thousands of jobs tied up in the companies in addition to weaning them off of what's now federal cash life support. 

              Chrysler had been meeting with the Treasury Department's auto task force to discuss the take over of GM which is being led by Cerberus. Further talks will be held to assess the company's financial position, said the official, who asked not to be named because the deliberations are private. The official stated, “Chrysler definitely is leaner and more efficient than GM. GM could definitely benefit from the team at Chrysler that reduced manpower and cut costs significantly”.

              Chrysler is in a better position to deal with the recession and is a safer investment for taxpayers than General Motors Corp., said Ron Kolka , chief financial officer. 

              A Chrysler spokeswoman declined to comment.

              Miller said any announcement may not necessarily involve a final decision by the task force but that it "could certainly give us a bit of a road map of where their recommendations may lead." 
              The task force is considering requests by GM and Chrysler for almost $22 billion combined in new loans. GM and Chrysler are supposed to submit updated restructuring plans, including concessions by union workers and debtholders, by March 31. 
              The task force is also considering a request by auto parts suppliers for aid programs totaling $25.5 billion. The request by the suppliers, many of which serve multiple auto makers, is believed to be more pressing.. 

              -By Josh Mitchell, Dow Jones Newswires; 202-862-6637; joshua.mitchell@xxxxxxxxxxxx Adds other benefit differences in sixth paragraph) (Adds other benefit differences in sixth paragraph) 

             


     



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