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.