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GM board holds emergency meeting Kerkorian proposes GM, Renault-Nissan alliance
Autonews ^ | 6/30/06 | Mikey_1962

Posted on 06/30/2006 1:08:11 PM PDT by Mikey_1962

DETROIT -- General Motors convened an emergency board meeting Friday to discuss a proposal by shareholder Kirk Kerkorian to form an alliance between GM and Renault-Nissan, say two sources close to the board.

The hastily arranged meeting suggests that GM's board is treating Kerkorian's proposal with urgency.

A GM spokesman could not immediately be reached for comment.

In a securities filing, Kerkorian says that the Renault-Nissan alliance is receptive to buying "a significant minority interest" in GM. The filing also says that Kerkorian's investment company, Tracinda Corp., of Beverly Hills, Calif., has discussed the matter with Carlos Ghosn, CEO of Renault and Nissan.

Kerkorian, who controls 9.9 percent of GM stock, sent a letter to GM Chairman Rick Wagoner on Friday "in which Tracinda proposed that General Motors' Board of Directors establish a committee to immediately and fully explore, together with management, a possible opportunity to join the partnership-alliance between Renault, S.A. and Nissan Motor Co., Ltd.," the filing said.

(Excerpt) Read more at autonews.com ...


TOPICS: Business/Economy; US: Michigan
KEYWORDS: automakers; generalmotors; kerkorian; nissan; renault
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Comment #41 Removed by Moderator

To: patton
GM is more liability than capitol.

Not anymore. The buy-outs/retirements will help GM get ahead.

42 posted on 06/30/2006 4:29:06 PM PDT by madison10
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To: Nick Danger

Thanks for the correction.


43 posted on 06/30/2006 5:52:55 PM PDT by robomurph
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To: patton

"Grow"

Did you hurt yourself coming up with that one?


44 posted on 06/30/2006 6:29:41 PM PDT by brownsfan (It's not a war on terror... it's a war with islam.)
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To: patton

"Sad. 30 years ago, it was filled with more PhD's than Los Alamos."

And there are more than a few vermin on this forum who take glee in that. Digusting. I have no respect for them. The are just as bad, if not worse than the DU crowd.


45 posted on 06/30/2006 6:32:05 PM PDT by brownsfan (It's not a war on terror... it's a war with islam.)
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To: nyconse

Hard to make sense of this. Japanese cars cost more than their US counterparts - compare the sticker on a Camry or Accord to a comparable US model and you'll see. Not only that, they don't offer whacky incentives like 0% financing and "employee pricing". Toyota, Honda, and Nissan build cars in the US and Japan, and they make more money per car than Ford, GM or Daimler.

Also, what subsidization are you speaking of? The Japanese government isn't subsidizing the Honda plant up the freeway from me, it's 20 years old. Or the Toyota plant in Georgetown, KY, about 80 miles south of me. GM and Ford are the victims of their own bad products, ridiculous brand structure, and UAW legacy. Fear of decisive action has brought GM to this point. Buick and Saturn should have been shuttered 5 years ago, along with Oldsmobile. GMC has never made sense as a brand.

BTW, I have one GM vehicle, an Envoy. It's a piece of crap. The radio coating peels off constantly - I'm on my third radio. I gave up putting in new ones because it was a hassle to be without the car for the day. Door and window seal trim fits poorly and falls off. The rear doors must be slammed with the might of Superman to close properly. Great car. These are things that other car makers - my wife's Chrysler Town & Country has been trouble free for 6 years - have long ago conquered. With GM, anything you buy is a gamble, as Kerkorian learned the hard way.


46 posted on 06/30/2006 6:33:41 PM PDT by usafsk ((Know what you're talking about before you dance the QWERTY waltz))
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To: brownsfan

indeed, these GM threads are filled with people who WANT them to fail. I guess they are comfortable with an economy where companies don't make anything - we just have services, and people making money flipping paper, bonds, stocks, real estate.


47 posted on 06/30/2006 6:39:18 PM PDT by oceanview
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To: B Knotts
This would mean that GM would be partially French, though.

Five speed trannies? (1 forward, 4 reverse?)

48 posted on 06/30/2006 6:42:15 PM PDT by Smokin' Joe (How often God must weep at humans' folly.)
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To: oceanview

"I guess they are comfortable with an economy where companies don't make anything -"

They're jealous of the life GM workers have had. And they hate unions so much, they don't care that they are Americans in the unions. They want every last one of them beaten down, broken, and unable to buy anything.

Now.... how will you sell things if your neighbor can't buy?

They come here, talk about what patriots they are, all the while rooting for the demise of the American middle class. Many of them are happy to see the illegals coming here. They're ok with a young man going and risking his life in Iraq for them. But, when that young man comes back, if his skill learned in the military is not sale-able, sucks to be him.

Real patriots. Self centered, greedy, hypocrites is what they are.


49 posted on 06/30/2006 6:50:30 PM PDT by brownsfan (It's not a war on terror... it's a war with islam.)
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To: usafsk
I just learned today that my Chevy has a leaking intake manifold gasket. The IMG was made out of cheap plastic. Eventually the coolant eats through it and mixes with the motor oil, destroying the engine. This affected hundreds of thousands of GM vehicles from model years 1995-2003. No recall.

Last GM I'll ever buy. I hope they go bankrupt.

50 posted on 06/30/2006 9:18:04 PM PDT by Deport Billary
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To: robomurph

No, Data General soldiered on and was bought out be that disk company (EMC?). I forget who were the loser components of Unisys.


51 posted on 06/30/2006 11:30:02 PM PDT by Rate_Determining_Step (US Military - Draining the Swamp of Terrorism since 2001!)
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To: brownsfan
> Real patriots. Self centered, greedy, hypocrites is what they are.

Aw, you got me there. I HAVE been self-centered and greedy. I suppose I SHOULD give back! I have been in deep envy of the middle class, hard and proud, Union Man. I really need to amend my ways and your insights into my psychological problems have really helped me. And yes, that means buying a bow tie product. I think a stylish Cobalt would be such a nice car.

Will that make me a patriot now?
52 posted on 06/30/2006 11:42:08 PM PDT by Rate_Determining_Step (US Military - Draining the Swamp of Terrorism since 2001!)
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To: Rate_Determining_Step

"Will that make me a patriot now?"

No, and it won't save you from being a jerk.
But you're ok with that. You and the DU folks deserve each other.


53 posted on 07/01/2006 7:12:38 PM PDT by brownsfan (It's not a war on terror... it's a war with islam.)
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To: Deport Billary

Yeah, but look at all the money they saved by using a less expensive gasket. Economies of scale and all that, you know... /s


54 posted on 07/02/2006 1:56:11 PM PDT by OKSooner (It wasn't the black guy after all - the dutch boy did it.)
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