As well as reporting its gloomy financial results for the third quarter of 2008, General Motors today also announced that its ending at talks with Cerberus Capital Management LP for the possible acquisition of the Chrysler Group. While the American automaker did not refer specifically to Chrysler LLC, it's no secret that the two companies had been in talks for quite a while now. And while this decision may be all for the better for GM as it allows the company's leadership to focus on its own problems, we can't help but wonder where this leaves Chrysler...GM's Official Statement:
"GM has recently explored the possibility of a strategic acquisition that it believed would generate significant cost reduction synergies and substantially strengthen GM's financial position in the medium and long term, while being neutral or modestly positive to cash flow even in the near term."
"While the acquisition could potentially have provided significant benefits, the company has concluded that it is more important at the present time to focus on its immediate liquidity challenges and, accordingly, considerations of such a transaction as a near-term priority have been set aside."
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