Financial Times FT.com

Chrysler relieved after GM backs out

By Bernard Simon in Toronto and Julie MacIntosh in New York

Published: November 9 2008 22:15 | Last updated: November 9 2008 22:15

Much as Chrysler needs a saviour, few are disappointed that the Detroit carmaker’s rescuer will not be General Motors.

A takeover by GM “would have meant huge job losses for the workers and dealer closures”, said Andy Palmen, a Chrysler dealer in Kenosha, Wisconsin, expressing relief at GM’s decision to walk away from talks to acquire its smaller rival.

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