DETROIT
The Wall Street Journal, citing people it described as familiar
with the discussions, says Cerberus Capital Management, the private
equity firm that owns 80.1 percent of Chrysler and 51 percent of
GMAC Financial Services, proposed trading Chrysler's automotive
operations to GM. The Journal says Cerberus would receive GM's
remaining 49 percent stake in GMAC.
The New York Times, also citing people familiar with the talks,
says the automakers were discussing a merger. The Times did not
mention GMAC, a traditional auto lender hit hard by the housing
market downturn.
Messages seeking comment left with GM and Chrylser by the The
Associated Press were not immediately returned late Friday.
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