GM And Chrysler Step Up Merger Talks

2008年10月17日

General Motors Corp. and Chrysler LLC are accelerating merger discussions amid strong support from potential lenders that are eager to see a deal done.

GM is set to report dismal third-quarter earnings in coming weeks and is scrambling to find new sources of funding, according to people familiar with the matter. That's spurring the auto maker to complete the deal as soon as the end of October, these people said.

Two major players driving the deal are J.P. Morgan Chase & Co. and Cerberus Capital Management. Cerberus owns Chrysler, while J.P. Morgan is one of the largest holders of Chrysler bank debt and a key lender for GM.

Cerberus is looking to have a stake in a combined GM-Chrysler, according to people familiar with the situation. While some lenders like J.P. Morgan have shown interest in equity in such a deal, several other lenders approached by the parties have passed on the deal.

At this point, GM and Chrysler are far from having a firm deal in hand, people briefed on the negotiations said. Certain members of GM's board of directors continue to give the deal a cool reception. It is also unclear whether a key element of the talks -- swapping Chrysler for GM's 49% stake in GMAC LLC -- will happen, say these people.

Still, GM's management team is hammering out a potential takeover of Chrysler, and top-level executives remain bullish on the prospects of a combined GM and Chrysler.

While industry analysts have criticized the potential merger as being the equivalent of a Hail Mary, GM believes it can squeeze more than $10 billion in cost synergies from a deal, and get access to Chrysler's approximately $11 billion cash pile.

A GM spokesman declined to comment, as did spokeswomen for Cerberus and Chrysler.

The United Auto Workers has been among the constituents downplaying any potential benefits of a deal. However, the UAW leadership hasn't been as hostile in private in regard to the tie-up as public comments would suggest, people close to the union said.

The sale of Chrysler would trigger warrants the UAW has in the auto maker, a stake the union negotiated in last year's national labor talks. It is unclear what impact that would have, though it could give the UAW an even bigger ownership piece in a combined GM-Chrysler operation.

GM already has teams of people analyzing potential cost-cutting and savings it can do with Chrysler, which has about 66,000 hourly and salaried employees in North America.

'They'd have to move fast and gets lots of cost savings very quickly,' said one person briefed on the talks.

Recently, GM has increased its estimates of how deep it could cut costs if it combined forces with Chrysler. And it is growing confident that it can slash those costs relatively quickly.

As GM continues to weigh a potential deal with Chrysler, the No. 1 U.S. auto maker is scrambling for ways to conserve cash amid what is turning out to be a horrendous month for U.S. auto sales. The company will lay off 1,500 workers in coming months at three assembly plants.

Even as Cerberus continues to engage in discussions with GM, it is also fielding talks with other potential suitors for Chrysler, people familiar with the matter said. The New York-based private-equity firm bought control of GMAC from GM in April 2006, and then turned around to buy Chrysler from Daimler AG about one year later.

Since Cerberus engaged in its buying spree, the U.S. auto industry has fallen into deep decline, with sales in coming months now expected to run at the lowest pace since the late 1980s.

Adding further pressure, key markets in other parts of the world -- including Europe and Asia -- are showing signs of fatigue, potentially limiting the near-term growth opportunities for U.S. auto makers looking to expand abroad.

John D. Stoll / Jeffrey Mccracken

通用汽车与克莱斯勒加速推进合并谈判

用汽车(General Motors Corp.)与克莱斯勒(Chrysler LLC)正在加速推进合并谈判,而它们的潜在贷款方也强力支持，希望交易尽快达成。

知情人士透露，通用汽车几周内将公布黯淡的第三财季收益状况，该公司正苦苦寻找新的融资来源。这些人士称，这种状况促使通用汽车最快于10月底之前达成交易。

摩根大通(J.P. Morgan Chase & Co.)和私人资本运营公司Cerberus Capital Management是这笔交易幕后的主要推动者。Cerberus是克莱斯勒的母公司，而摩根大通是克莱斯勒银行债券的主要持有者，也是通用汽车的重要贷款方。

知情人士称，Cerberus有意入股合并后的通用-克莱斯勒。尽管摩根大通等贷款方对入股此类交易表示了兴趣，但有关方接洽的几家其他贷款商都对这一交易兴致寡然。

了解谈判进程的人士透露，目前两家汽车制造商离达成协议还有一段距离。通用汽车董事会的部分成员仍然对交易态度冷淡。这些知情人士说，目前不清楚谈判的核心要素──用克莱斯勒换取通用汽车所持的通用汽车金融服务公司(GMAC) 49%的股份是否可行。

不过，通用汽车管理层正在制定可能收购克莱斯勒的计划，该公司高管仍然对两家公司合并的前景持乐观态度。

尽管行业分析师批评这笔可能的合并交易相当于铤而走险，但通用汽车相信合并可以带来超过100亿美元的协同效应，还能获得克莱斯勒大约110亿美元的现金储备。

通用汽车发言人拒绝发表评论，Cerberus和克莱斯勒的发言人同样也不愿置评。

行业工会组织全美汽车工人联合会(UAW)一直是淡化这笔交易可能有什么好处的机构之一。不过据熟悉该工会的人士透露，和公开言论暗示的不同，UAW领导人私下并没有对这笔合并交易持敌对态度。

出售克莱斯勒可能会激活UAW在克莱斯勒持有的权证，这是工会去年在全国劳资谈判中获得的砝码。目前还不清楚这会有什么影响，不过这可能会使UAW在合并后的公司拥有甚至更大的股份。

通用汽车已经安排人员分析与克莱斯勒合并后可能的成本削减和节约，克莱斯勒在北美拥有大约66,000名小时工和正式工。

一位了解谈判的人士称，他们得迅速行事，非常迅速地实现诸多成本节约。

通用汽车近期提高了与克莱斯勒合并后成本削减规模的估算，该公司越来越相信自己能较迅速地削减这些成本。

在通用汽车继续权衡与克莱斯勒的可能交易之际，这家美国头号汽车制造商正在想方设法储备现金，因为这个月美国汽车销量遭遇了可怕的低潮。通用汽车未来数月将在三家组装厂裁员1,500人。

知情人士透露，Cerberus在继续与通用汽车谈判的同时，还在与其他可能买方商谈出售克莱斯勒的事宜。这家总部位于纽约的私人资本运营公司于2006年4月从通用汽车收购了通用汽车金融服务公司的控股权，约一年后又从戴姆勒公司(Daimler AG)收购了克莱斯勒。

自Cerberus开始大举收购以来，美国汽车行业已经跌入了深度衰退；预计未来几个月的汽车销量将出现上世纪八十年代末以来最低迷的景象。

雪上加霜的是，包括欧洲和亚洲在内的全球其他重要市场也浮现了疲软迹象，对寻求海外扩张的美国汽车制造商来说，这种状况可能会限制他们的近期增长机遇。

John D. Stoll / Jeffrey Mccracken