Briefly, it is or will be reported soon that GM has bought and merged with Chrysler via Cerebus. Here are some notes as everything is still not in its final state:
GMAC sought out to change its finance and mortgage company to a holding company. This would allow GMAC to receive some of the $700 billion bailout money. Asking for the money would help fund their purchasing power into Chrysler.
The AssociatedPress is reporting that GM lobbied for around $10 – $15 billion to help with keeping the two companies funded as well as purchasing power.
Here is where this reporting gets tricky! Word is that the merger talks are complete. The word is also that Chrysler would be keeping the Jeep line, their mini-van line, the new Dodge Ram, and would be getting a large sum of money that has yet to be determined. While these talks have not largely been made public, this information cannot be linked to any sources.
There will certainly be more to follow soon.