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Chances of a Chrysler Merger, Fiat CEO Says 50%
Fiat SpA (OTC: FIATY) Chief Executive Officer Sergio Marchionne said his company would walk away from merger talks with Chrysler LLC unless American and Canadian unions agree to take substantial pay cuts, The Toronto Globe and Mail reported.
Marchionne said he’s aiming for Chrysler’s U.S. and Canada labor costs to match those of plants in Japan and Germany. Otherwise, he is prepared to scrap the deal, a move that would likely send Chrysler into bankruptcy court.
“Absolutely we are prepared to walk. There is no doubt in my mind,” he in an interview. “We cannot commit to this organization unless we…
16Apr2009 | Money Morning | 0 comments | ContinuedBattle for Survival Initiates Pulte and Centex Homebuilder Merger
Facing the worst housing slump since the Great Depression, Pulte Homes Inc. (PHM), and Centex Corp. (CTX), decided to combine forces in what is widely seen as a bid for survival.
Pulte, the fourth-largest U.S. homebuilder, agreed to purchase Centex, the third-largest, for $1.3 billion in an all-stock deal that creates the largest U.S. homebuilding company by revenue and throws each of them a much-needed safety net.
“It’s pretty normal consolidation in a very troubled industry,” Gary Shilling, president of investment research firm A. Gary Shilling & Co. told Reuters. “It’s exactly what you’d expect. These companies are obviously in big trouble.”
Pulte will…
9Apr2009 | Money Morning | 0 comments | ContinuedRoche Strikes $46.8 Billion Deal for Genentech
Big Pharma’s rapidly accelerating consolidation pattern snowballed yesterday (Thursday) as Roche Holding AG (ADR: RHHBY) struck a deal to buy the remaining shares it didn’t already own of Genentech Inc. (DNA) for $46.8 billion, or $95 each.
The buyout ends a long battle by Basel, Switzerland-based Roche to acquire the U.S. biotech company and its lucrative cancer drugs. When completed, the merger will create a combined company that would be the seventh largest drug firm in the United States by market share, with roughly $17 billion in U.S. annual revenue.
The deal marks the third mega-deal among large pharmaceutical companies this year…
13Mar2009 | Money Morning | 0 comments | Continued
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