Chrysler relaxes on Kerkorian threat
Thursday 04 May 1995
The company announced only last week that its top executives would be shuttling around the country to lobby for support in trying to repel the Kerkorian bid, which still remains unfinanced. Plans were also made to fly big investors to Michigan for a special summit at Chrysler headquarters.
The cancellation comes amid unconfirmed reports that Chrysler is preparing to buy back the near 10 per cent stake held by Mr Kerkorian's Tricinda company. At current market prices that would cost the car giant almost $1bn (£600m).
Confidence is reportedly rising within Chrysler that the Kerkorian bid, made in association with Lee Iacocca, the former Chrysler chief executive, has become less of a threat since it was unveiled a month ago. As well as failing to find financing for it, Mr Kerkorian also lost his principal Wall Street investment bank advisor on the putative deal, Bear Stearns.
Poor sales results for the first quarter have also bolstered Chrysler's contention that it would be wrong to plunder the company's $7.3bn cash cushion, as proposed by Mr Kerkorian in his takeover plan. Chrysler reported that car and light truck sales were down 18.1 per cent.
- 1 Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
- 2 The secret report that helps Israelis to hide facts
- 3 Danish TV reporter is all business up top, all party down below
- 4 Ross Burden dead: MasterChef and Ready Steady Cook star, dies aged 45
- 5 Businessman charged £75 for three small bottles of water in London hotel
The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
iJobs Money & Business
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£350 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...
£500 - £560 per day: Orgtel: Java Developer FX - Banking - London - Up to £560...
£350 - £400 per day + competitive: Orgtel: My client, a leading bank, is curre...
£26000 - £30000 per annum + Benefits: Ashdown Group: Account Manager - (Produc...