(October 11, 2008)--General Motors and Chrysler reportedly held talks about a possible merger or other acquisition.
A person familiar with the talks said they involve Cerberus Capital Management, which owns 80 percent of Chrysler and also has a joint venture with GM.
Besides merger negotiations, The Wall Street Journal reports that Cerberus is proposing a swap of Chrysler's automotive operations with GM in exchange for GM's remaining 49 percent stake in GMAC Financial Services.
Cerberus already owns the other 51 percent.
The Journal reported that the talks, which began more than a month ago, have stalled because of the turmoil in financial markets.
The New York Times said its sources say chances of a merger are "50-50."
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