Stocks gain at open on GM partnership news
Fri Jun 30, 2006
NEW YORK (Reuters) - U.S. stocks rose on Friday, boosted by shares of General Motors Corp. <GM.N>, on news one of the auto maker's largest investors is
urging the company to consider a partnership with Nissan and Renault .
GM shares shot up 9 percent to $29.90.
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30.06.2006 16:32:00
Tracinda fordert GM zu Partnerschaft mit Renault-Nissan auf
NEW YORK (Dow Jones)--
Der Investor Kirk Kerkorian hat die General Motors Corp (GM) dazu aufgefordert, mit der Renault SA und der Nissan Motor Co Verhandlungen über eine mögliche weltweite Partnerschaft aufzunehmen. Die Kerkorian-Beteiligungsgesellschaft Tracinda habe einen Brief an den GM-Chairman Rick Wagoner mit einer entsprechenden Aufforderung gesendet, teilte Tracinda am Freitag mit.
Die beiden Automobilhersteller seien "offen", eine weltweite Partnerschaft mit GM einzugehen und eine Minderheitsbeteiligung an dem US-Konzern zu erwerben. Eine Zusammenarbeit könne hohe Synergien und Kosteneinsparungen ermöglichen. Tracinda hält eine Beteiligung von etwa 10% an GM.
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Renault, Nissan Would Consider GM Stake -- Kerkorian
By TSC Staff
6/30/2006
General Motors (GM:NYSE) surged Friday after holder Kirk Kerkorian said
two big foreign automakers would consider buying a minority stake.
"It is our understanding that Renault S.A. and Nissan Motor Co. are receptive to the concept of including General Motors in their
partnership-alliance and purchasing from General Motors a significant minority interest in the company," Kerkorian said in a letter to Rick Wagoner, GM's CEO.
In recent trading, GM shares were up $1.95, or 7.1%, to $29.39. They have now gained 25% since the start of 2006.
The letter was registered with the Securities and Exchange Commission in a 13D filing.
Kerkorian, the Las Vegas billionaire who owns 10% of GM, urged the company to entertain the proposal.
"The Renault-Nissan partnership-alliance has created tremendous engineering, manufacturing and marketing synergies, resulting in substantial benefits and cost savings to both Renault and Nissan," the letter said.
"We believe that participating in a global partnership-alliance with Renault and Nissan could enable General Motors to realize
substantial synergies and cost savings and thereby greatly benefit the company and enhance shareholder value. Accordingly, we urge the board of directors to form a committee to immediately and fully explore this opportunity together with management."
Nissan, Japan's second largest automaker, is 44% owned by Renault. Renault CEO Carlos Ghosn was credited with keeping Nissan out of bankruptcy when he was installed as its first non-Japanese CEO in 1999.
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