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A marriage made in Detroit?
By ASSOCIATED PRESS
Published September 19, 2006
General Motors and Ford declined comment Monday on an Automotive News story that high-level executives discussed a merger or alliance. Ford also declined comment on last month's Wall Street Journal report that Ford proposed its own deal with Renault and Nissan. In July, General Motors Corp., Renault SA of France and Nissan Motor Co. of Japan announced a 90-day review of a possible alliance. GM and Ford have slashed their work forces and are closing plants to reverse multibillion-dollar losses in the face of tough competition from Asia-based automakers. On Friday, Ford announced deeper job cuts as part of its restructuring plan. GM lost $2.9-billion, or $5.19 per share, in the first half of 2006, while Ford lost $1.3-billion, or 70 cents a share. Ford shares fell 20 cents, or 2.5 percent, to close Monday at $7.82 on the New York Stock Exchange, while GM shares fell 18 cents to $31.48.
[Last modified September 18, 2006, 23:12:43]
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