IN BRIEF: Chrysler rejects buy-out plan
Chrysler rejects buy-out plan
Chrysler's directors yesterday unanimously rejected the $23bn (£14bn) buy-out proposal from Kirk Kerkorian's Tracinda Corp. The carmaker also said its board confirmed Chrysler's cash reserve policy. "Chrysler does not accumulate cash needlessly,"Robert Eaton, chairman and chief executive, said.
"Our current cash reserve was set after careful study of what is necessary to remain globally competitive, especially during the cyclical downturns that affect our business from time to time." He said the company's current cash reserve target was $7.5bn.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies