![]()
- US Firms Hit by Payroll Taxes at Exactly the Wrong Time
- Citi Mortgage Reveals Something the US Treasury Won't
- Fed Sanguine About US Recovery, Worried on Jobs
- Amended Berkshire Filing Reveals No 'Secret' Holdings
- In Time for Holidays: More Gloom and Doom on Economy
- Turkey Day 101: How Well Do You Know Your Bird?
- Privately Held Facebook Creates Dual-Class Stock
- Holiday Guide to This Season's Smartphones
- Six Ways to Boost Your Income in a Big Way
- Citi Mortgage Reveals What Treasury Won't
- S&P to Hit 1,200 by Year-End: Chief Investor
- Amended Berkshire Hathaway Filing Indicates No Secret Stock Stakes at End of Q3
- Facebook's Biggest-Ever Holiday Shopping Season
- Facebook's New Dual Class Structure - Slow Steps to an IPO
- 5 Big Bank Stocks Investors Should Consider: Strategists
- Gambling Drunk, Texting to Live And America's On Sale - Your Emails
- Nov. 24: Unusual Volume Leaders
- NBA D-League On The Rise
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- CNBC Anchor Takes a Sabbatical
- Amended Berkshire Hathaway Filing Indicates No Secret Stock Stakes at End of Q3
- Privately Held Facebook Creates Dual-Class Stock
- NBA D-League On The Rise
- 10 Holiday Cocktail Recipes from Top Mixologists
- GM's Agreement to Sell Saab To Swedish Firm Falls Apart
- On Twitter, Beware False Prophets
- Buyers Look For Bargains At Luxury Condo Auction
- Just In Time for Holidays: More Gloom and Doom on Economy
Merger talks between General Motors and privately held Chrysler are moving at a faster pace as potential lenders have thrown their support behind a deal between the two U.S.-based automakers, CNBC has learned.
Chrysler CEO Robert Nardellli said he couldn't comment on market rumors or speculation, but noted that Chrysler has been open about looking for partners and creating alliances. He also conceded that the auto industry is ripe for combinations.
"If you look at the U.S. industry ... it certainly creates an environment for consolidation where you can get synergies of productivity that will allow you to be more competitive not just here in the U.S. but on a global basis."
Sources have told CNBC that GM and Chrysler plan to either reach a deal within the next two weeks or abandon the talks. The key to any deal: Getting GM to embrace whatever conditions Cerberus Capital Management, which owns Chrysler, is pitching.
No deal is assured at this time, and no details were available about how such a merger would be structured.
(See the accompanying video for CNBC's David Faber interview with Robert Nardelli.)
But people at both firms believe there would be big advantages to combining their equity. They also think a merged entity would find it easier to raise capital—possibly from the U.S. government.
The Detroit automakers would hope to receive expedited antitrust approval for any merger, sources said.
JPMorgan Chase [JPM
Loading...
()
], a big holder of Chrysler bank debt, is also pushing for the deal, the Wall Street Journal reported Thursday.
Meanwhile, French car maker Renault denied that it was in talks with Cerberus on possibly buying back the Jeep brand, which Renault sold to Chrysler along with American Motors in 1987.
-- Reuters contributed to this report
- Remember when auto shows were major events where new models could generate buzz?
- CNBC’s Mike Huckman visits a cutting-edge plant to see how the flu vaccine of the future is being made.
- People who bottle up their anger at work are up to five times more likely to suffer a heart attack, a study found.
- Playboy will outsource its publishing operations in a bid to become profitable again.
- A new McDonald's in Manhattan is the nation's first to sport a sleek, chic interior imported from stores in London and Paris.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.












