BUSINESS

GM, Chrysler Pushing For A Rapid Merger

11/19/2008 05:12 am ET | Updated May 25, 2011

U.S. automakers Chrysler LLC and General Motors Corp are pushing for a quick merger deal ahead of the U.S. presidential election as sales continue to plummet and they cannot gain access to credit, a Detroit newspaper reported on Saturday.

According to The Detroit News, senior executives at GM and private equity group Cerberus Capital Management -- which bought an 80.1 percent stake in Chrysler from Daimler AG for $7.2 billion in August 2007 -- are keen to wrap up talks before both automakers are weakened further by a sluggish U.S. economy.

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