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.
As Voltaire once said, “Ice cream is exquisite. What a pity it isn’t illegal”
- 1 Mother fed her daughter tapeworms to make her skinny for beauty pageant
- 2 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 3 Crystal Palace next manager latest: Palace consider Ally McCoist - EXCLUSIVE
- 4 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 5 Tim Sherwood column: 'It started as a three-horse race but turned into the Grand National'
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
West poised to join forces with Assad in face of Islamic State
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Bin bag full of cats' heads discovered near Manchester's Curry Mile
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
iJobs Money & Business
£20000 - £27000 per annum: Harrington Starr: Service Desk Analyst- (Desktop Su...
£25000 - £35000 per annum: Harrington Starr: Service Desk Analyst - (Active Di...
£30000 - £50000 per annum: Harrington Starr: Junior Quant Analyst - C++, Boost...
£30000 - £50000 per annum: Harrington Starr: Junior Quant Analyst (Machine Lea...