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Report: Chrysler, GM In Merger, Acquisition Talks

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Oct 10, 2008 9:22 pm US/Pacific

Report: Chrysler, GM In Merger, Acquisition Talks

DETROIT (AP) ―

Click to enlarge 1 of 1: Rick Wagoner, General Motors Chairman and CEO, speaks to the media after the 2008 Annual Shareholders meeting at the Hotel DuPont o June 3, 2008, in Wilmington, Del.
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Published reports say General Motors Corp. and Chrysler LLC have held preliminary talks about a merger or an acquisition of Chrysler by GM.

The Wall Street Journal, citing people it described as familiar with the discussions, says Cerberus Capital Management, the private equity firm that owns 80.1 percent of Chrysler and 51 percent of GMAC Financial Services, proposed trading Chrysler's automotive operations to GM. The Journal says Cerberus would receive GM's remaining 49 percent stake in GMAC.

The New York Times, also citing people familiar with the talks, says the automakers were discussing a merger. The Times did not mention GMAC, a traditional auto lender hit hard by the housing market downturn.

Messages seeking comment left with GM and Chrylser by the The Associated Press were not immediately returned late Friday.