And there would be real pain before a turnaround starts to occur.

IIPM Ranked No. 1 B-School In Global Exposre - Zee...

Once in Chapter 11, a merger would further galvanise fundamental change. Three companies are too cumbersome to unite, and Ford has a two-tiered, family-controlled structure, so we’ll leave them out of this solution for now and propose that GM and Chrysler join forces. It’s been estimated that such a merger could create up to $15 billion in synergies from reduced capacity and overhead redundancies – savings that could lower the cost of producing a car, as well as providing for an increase in spending on research and development. Granted, GM and Chrysler could lose several points of market share during the transition, but a merged entity would still end up in a strong position, with more than a quarter of the US market. We have no intention of making this sound easy. Mergers are challenging under any circumstances, and a merger of two companies in bankruptcy would be at the outer limits of difficulty, requiring the commitment of constituencies steeped in old, adversarial ways of doing things. And there would be real pain before a turnaround starts to occur. Shareholders would see their investments evaporate. Thousands of jobs would be lost, and many pensions and other benefits affected. And banks would see much of their debt converted to equity.


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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).


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