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Chrysler boss talks up mergers
CHRYSLER LLC Chief Executive Bob Nardelli said Thursday that a steep decline in United States auto sales has created an environment for industry consolidation, but he would not comment on reports that talks are accelerating for General Motors to acquire his company.
Speaking on the CNBC cable channel, Nardelli said Chrysler has been open about looking for partners and creating alliances, but he would not address the GM discussions.
However, he said the US auto sales slump has set the stage for industry consolidation.
'It certainly creates an environment for consolidation, where you can get synergies of productivity that will allow you to be more competitive, not only here in the US market, but on a global basis,' he said.
GM has discussed a merger or acquisition with Cerberus Capital Management LP, the New York private equity firm that owns 80.1 percent of Chrysler, a person familiar with the negotiations told the Associated Press last week.
The Wall Street Journal reported on its Website Thursday night that potential lenders are eager to see the deal finished, and that GM wants it done as early as the end of this month.
GM is trying to raise additional capital as it faces potentially huge losses when it reports third-quarter earnings in the coming weeks.
A major player in the deal is J.P. Morgan Chase & Co, one of the largest holders of Chrysler bank debt and one of GM's key lenders, the Wall Street Journal said.
Another person with knowledge of the talks told AP on Thursday that no deal is imminent. Reportedly, GM's board has been cool on the idea.
Industry analysts are skeptical of how GM would benefit, but Chrysler has said it has about US$11 billion in cash, and GM may be interested in gaining access to that.
Chrysler is a privately held company that doesn't have to report earnings. It lost at least US$510 million in the first quarter and US$1.6 billion last year. Its sales are down 25 percent so far this year, the worst drop of any major auto maker.
Detroit-based GM is burning up more than US$1 billion in cash per month, with several analysts predicting it will reach its minimum operating cash level of US$14 billion sometime next year. Sales are down 18 percent, and the company has lost US$57.5 billion in the past 18 months, largely because of tax accounting changes.
All of this comes as US sales have slowed to their lowest amount in 15 years, making bankruptcy possible for all of the cash-strapped Detroit car makers.
Speaking on the CNBC cable channel, Nardelli said Chrysler has been open about looking for partners and creating alliances, but he would not address the GM discussions.
However, he said the US auto sales slump has set the stage for industry consolidation.
'It certainly creates an environment for consolidation, where you can get synergies of productivity that will allow you to be more competitive, not only here in the US market, but on a global basis,' he said.
GM has discussed a merger or acquisition with Cerberus Capital Management LP, the New York private equity firm that owns 80.1 percent of Chrysler, a person familiar with the negotiations told the Associated Press last week.
The Wall Street Journal reported on its Website Thursday night that potential lenders are eager to see the deal finished, and that GM wants it done as early as the end of this month.
GM is trying to raise additional capital as it faces potentially huge losses when it reports third-quarter earnings in the coming weeks.
A major player in the deal is J.P. Morgan Chase & Co, one of the largest holders of Chrysler bank debt and one of GM's key lenders, the Wall Street Journal said.
Another person with knowledge of the talks told AP on Thursday that no deal is imminent. Reportedly, GM's board has been cool on the idea.
Industry analysts are skeptical of how GM would benefit, but Chrysler has said it has about US$11 billion in cash, and GM may be interested in gaining access to that.
Chrysler is a privately held company that doesn't have to report earnings. It lost at least US$510 million in the first quarter and US$1.6 billion last year. Its sales are down 25 percent so far this year, the worst drop of any major auto maker.
Detroit-based GM is burning up more than US$1 billion in cash per month, with several analysts predicting it will reach its minimum operating cash level of US$14 billion sometime next year. Sales are down 18 percent, and the company has lost US$57.5 billion in the past 18 months, largely because of tax accounting changes.
All of this comes as US sales have slowed to their lowest amount in 15 years, making bankruptcy possible for all of the cash-strapped Detroit car makers.
