General Motors via CEO Rick Wagoner, announced minutes ago that they will not buy Chrysler from Cerberus Capital Management LP.
“We have recently explored the possibility of such an acquisition based on the analysis that it would strengthen our industry position in the long term,” Wagoner said.
“We’ve concluded at this particular time that we are better off to put 100 percent of our efforts on the liquidity side. We’ve set aside such (acquisition) actions as a near term priority.”
For the moment there is no Chrysler official announcement, but inside sources have said that they would continue to work on returning Chrysler to profitability.
“As an independent company we will continue to explore multiple strategic alliances or partnerships as we investigate growth opportunities around the world that would aid our return to profitability.”