Wednesday, May 27, 2009

A window on the Euromerican New Economy

GM bankruptcy nears as bondholders shun tender offer
@ Reuters:
"Chrysler is seeking approval this week to sell itself to a 'New Chrysler' owned by the U.S. and Canadian governments, Chrysler's union and Italian carmaker Fiat SpA. A hearing on the sale will take place on Wednesday."
Economy Minister Karl-Theodor zu Guttenberg told reporters after meeting Fiat Chief Executive Sergio Marchionne in Berlin that the Italian carmaker's offer looked serious but that rival bidders Magna and RHJ International remained in contention.

"There's no favorite," he said. "Everyone knows that improvements are still necessary."

In an unexpected twist, China's Beijing Automotive Industry Corp (BAIC) also submitted an offer, potentially turning the three-way race into a four-way battle. that would also include U.S. carmaker Chrysler.

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