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GM Shoots Down Bankruptcy Rumors, Won't Comment On Chrysler Buyout

Last updated on Monday, October 13, 2008

(DETROIT, MI) - The end of last week saw clouds hanging over the head of General Motors, however, over the weekend, “The General” has made a couple moves, one expected, the other, not so much.

Saturday morning, General Motors issued a statement saying bankruptcy isn't even being considered at the moment, even though GM's share price fell 31% in Thursday trading. The less-expected moment was when rumors started floating about GM taking over Chrysler.

CNNMoney.com reports there are rumors about Detroit-based GM buying out Lansing-based Chrysler and all of its parts from owner Cerberus Capital, however, neither company will confirm and analysts say GM would need a boatload of cash in order to make the deal.

Right now, however, GM stock is set to open this morning at $4.89, while cross-town rival Ford Motor Company will open at $1.99.

Chrysler does not issue stock since it is privately owned.

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