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.
Exclusive: World’s most pristine waters are polluted by US Navy human waste
Saint Patrick's Day: Google Doodle celebrates patron saint of Ireland - here are 10 things you didn't know about the man himself
Missing Malaysia Airlines Flight MH370: Did jetliner fly into area controlled by Taliban? Net widens after claims final satellite signal could have been sent from the ground
Britain’s five richest families worth as much as poorest 20 per cent, says Oxfam
Nasa-funded study warns of ‘collapse of civilisation’ in coming decades
Ukip and Nigel Farage on course for remarkable victory in European elections
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Tony Benn was entirely ineffectual - and usually wrong
The rise of Ukip: Study warns Labour that Eurosceptic party's electoral base now 'more working class than any of the main parties'
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
- 1 Is your name now 'banned' in Saudi Arabia?
- 2 Gender-specific books demean all our children. So the Independent on Sunday will no longer review anything marketed to exclude either sex
- 3 Missing Malaysia Airlines Flight MH370: Did jetliner fly into area controlled by Taliban? Net widens after claims final satellite signal could have been sent from the ground
- 4 Nasa-funded study warns of ‘collapse of civilisation’ in coming decades
- 5 'Missing Malaysia Airlines Flight MH370 plane found in Bermuda Triangle!' Viral Facebook links are profiting hackers
iJobs Money & Business
£35000 - £43000 per annum + Bonus and Benefits: Harrington Starr: A global lea...
£50000 - £60000 per annum: Harrington Starr: Linux Systems Administrator - UNI...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...