York’s departure bad for GM 6 Oct 2006 Kirk Kerkorian s representative has resigned from the car company s board claiming fellow directors were resistant to outside ideas. York s influence waned as GM s performance improved. The dispute over the failed alliance talks with Renault/Nissan was the final straw.
VW changes rules in MAN/Scania takeover game 4 Oct 2006 The German automaker has bought a 15% stake in MAN, the German group just two weeks after rejecting MAN's hostile E9.6bn bid for Scania. This makes some sort of MANScania deal more likely. The question is how it takes shape and whether VW has further compromises to make.
GM-Renault-Nissan talks will be tough 27 Sep 2006 The three companies have agreed to keep on studying a possible purchasing alliance. But they are starting from very different places. They have totally different views of the money, the risks and each other.
Ghosn tries to salvage GM alliance talks 27 Sep 2006 The Renault CEO is meeting counterpart Rick Wagoner in Paris today to discuss a possible costcutting alliance. But GM is still reluctant. The French are trying to tell GM what would be good for its own shareholders. This may be a sign that the talks will lead nowhere.
Tronchetti should quit Pirelli 26 Sep 2006 The Italian industrialist has already resigned as Telecom Italia s boss because of a fight with the government. Having lost E4.7bn for Pirelli investors on his disastrous TI adventure, Tronchetti doesn t belong there either.
VW pushes its luck over MAN-Scania 26 Sep 2006 The German auto group has set out a wishlist of what it wants from a combination between the two truck makers. But it will have to compromise. Otherwise, there won t be a deal at all. And that wouldn t be good for VW either.
GM-Ford alliance talks a good sign 18 Sep 2006 Put aside how messy a combo would be. That they even flirted with the idea of the Big One suggests they re grasping the nettle. GMFord cooperation may be too radical for Detroit at the moment. But given the longterm trends, nothing should be ruled out.
Scania rejection leaves door open for MAN 18 Sep 2006 The Swedish truckmaker has rejected a hostile E9.6bn offer from its German rival. But a deal between the two still has compelling logic. The best hope is that major shareholders VW and Investor aren't opposed to any ScaniaMAN deal just this particular one.
Ford falls backward with `Way Forward’ sequel 15 Sep 2006 The carmaker must be giving new CEO Mulally a chance to make his mark because its latest restructuring sure doesn t go far enough. As DaimlerChrysler just dramatically illustrated with a stinging profit warning, The Big Three can t keep up with the market s shifts.
Hedge funds seek Stork break-up 8 Sep 2006 It's easy to see why they want to force the threelegged Dutch conglomerate to break itself up. Its structure undervalues the group. While their actions may seem aggressive, they have been goaded by a management that has palpably failed to maximise value.
Bill Ford hands over keys to Boeing boss 5 Sep 2006 Talk about a rare act of humility Ford has acknowledged what the markets have long assumed he's not the man to lead a turnaround. Mulally has manufacturing experience and distance from Detroit. But to succeed, Ford must give him leeway to make some tough decisions.
Ford to let Aston Martin speed away 31 Aug 2006 James Bond's vehicle of choice helped catch some rich customers. But they re a drop in the bucket for the troubled carmaker. At Porsche s multiple of sales, it s worth $1bn. And who knows, some billionaire might pay even more for the 007 privilege.
Rubin is right to resign as Ford director 25 Aug 2006 The Citigroup executive risks getting caught up in debates over conflicts of interest as the ailing car company flirts with selling assets. Perhaps this heralds the end of Ford s penchant for investmentbanker directors. Given their patchy track record, it s about time.
Cutting worker costs won’t save Ford 22 Aug 2006 The car company s stock fell 5% despite rumours it will follow General Motors lead and offer enhanced layoff payments to its workers. Such a move would saddle Ford with extra charges as it cuts back on production. Investors took that as a signal to sell.
DaimlerChrysler’s merger haunts it again 22 Aug 2006 The unsuccessful merger of DaimlerChrysler happened eight years ago, but shareholders are still trying to recoup their lost value. The irony is that they don t even have to be consistent. Saying Chrysler is undervalued or overvalued both have had their successes.
Ford is a better partner for Ghosn 4 Aug 2006 The Nissan/Renault chief is negotiating a possible alliance with General Motors. But rival Ford could be a better partner. It could be more receptive to Ghosn s help. And Ford s struggling luxury car unit would fill a hole in Renault s lineup.
Weak auto sales put pressure on Bernanke 2 Aug 2006 The effect of rising interest rates is now visible in the housing and automotive sectors, both big US employers. The Federal Open Markets Committee, meeting next Tuesday, will find it difficult to continue raising rates.
Toyota overtakes Ford in new milestone 2 Aug 2006 In July, the Japanese auto giant sold more cars than Ford for the first time. Of course, it was a small margin that may not be sustainable. But the trend is in Toyota s favour. Its progress highlights how unrealistic the US auto maker s assumptions about its future are.
Brooks Automation takes options scandals to new level 1 Aug 2006 Forget backdating options grants, former executives at Brooks falsified documents to allow the exercise of expired options. Yet again, corporate insiders have received a blank cheque at shareholders expense.
Ghosn may have over-reached with GM 28 Jul 2006 The Brazilianborn boss of Renault and Nissan was clearly tempted by the idea of adding another steering wheel to his collection. But with GM's boss unkeen, and both Renault and Nissan needing work, this was probably a dream too far.