Archive for the ‘Financial News’ Category

General Motors shocks with $39B loss

Wednesday, November 7th, 2007

© 2007 Reuters

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Cerberus Takes Over Majority Interest in Chrysler Group and Related Financial Services Business for € 5.5 Billion ($7.4 billion) from DaimlerChrysler

Monday, May 14th, 2007

Stuttgart — The Board of Management of DaimlerChrysler AG (stock-exchange abbreviation DCX) has today decided, subject to the approval of the Supervisory Board, on the future concept for the Chrysler Group and the realignment of DaimlerChrysler AG. Completion of the transaction is subject to the satisfaction of customary closing conditions, including the receipt of regulatory approvals and Cerberus financing arrangements.

Details will be explained at a press conference in Stuttgart today at 2 p.m. (more…)

Kerkorian Pushes for Alliance Study

Friday, September 29th, 2006

Detroit /PRNewswire/ —  reported on Friday, September 29 that General Motors shareholder Kirk Kerkorian, frustrated with CEO Rick Wagoner's lack of enthusiasm for an alliance with Nissan-Renault, will ask the board of directors to hire an independent committee to study the deal.

The newspaper cited a source familiar with the situation.

GM's board will meet Tuesday, Oct. 3. At that time, Kerkorian's representative, Jerry York, is expected to push for third parties not connected to GM to study the benefits of the alliance, Automotive News said. (more…)

General Motors to Sell Equity Stake in Isuzu Motors Ltd.

Tuesday, April 11th, 2006

Deroit, MI —  (NYSE: GM) today announced it would sell its 7.9 percent equity stake in The commercial partnership between GM and Isuzu will continue.

The Isuzu shares held by GM will be sold to Isuzu's strategic business partners and major shareholders, , and .

GM currently holds a total of 90.09 million Isuzu shares. Based on a selling price of JP ¥397 per share, GM expects to realize cash proceeds of about US $300 million, which will be used to support the North American turnaround plan, (more…)

Xinhua Far East Confirms FAW Car Co., Ltd. BBB+ Issuer Rating, Rating Outlook Changed from Stable to Negative

Friday, March 31st, 2006

Hong Kong, /Xinhua-PRNewswire/ — today confirmed the BBB+ domestic currency issuer credit rating of (“FAW Car” or “the Company”; SZ A 000800); its rating outlook, however, was changed from stable to negative.

The outlook change reflects Xinhua Far East's view about the diminishing attractiveness of China's sedan market, which is currently characterized by overcapacity and lower-than-expected growth in demand. The rating action also incorporates Xinhua Far East’s concerns about the Company's heavy reliance on sales of the Mazda 6 series and its business concentration on China's medium- to high-end sedan market. (more…)