NISSAN DEBT SCARES OFF BUYER.Byline: Brian S. Akre Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. In the end, Nissan Motor Co's. mountain of debt apparently was too high for DaimlerChrysler AG to overcome in its quest to become a dominant world automaker. DaimlerChrysler announced Wednesday it ended talks toward acquiring a large stake in Japan's second-largest automaker. Although officials did not specify in detail what caused the talks to fail, Nissan's debt, estimated to be as high as $37 billion, clearly was an obstacle. ``I think they looked at the situation and were intimidated by the amount of debt they had to assume,'' said analyst Nick Lobaccaro of Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. . ``And the restructuring of Nissan's operations would have required a lot of management time.'' DaimlerChrysler co-chairman Juergen Schrempp hinted that the management issue was a factor. The company formed in November when Daimler-Benz AG acquired Chrysler Corp. is still in the process of merging its far-flung operations. Nissan released a statement saying it would consider more limited cooperative ties with DaimlerChrysler while continuing to seek another partner for a broader capital linkup link·up n. 1. The act of linking or connecting: a linkup of two orbiting spacecraft. 2. Something that serves to link or join; a connection. 3. . The companies' joint ventures in commercial and light trucks will continue. CAPTION(S): Photo PHOTO (Color) Nissan displays a prototype of its new compact multipurpose mul·ti·pur·pose adj. Designed or used for several purposes: a multipurpose room; multipurpose software. multipurpose Adjective car, the Almera Tino, at the Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. Auto Show An auto show, or motor show, is a public exhibition of current automobile models, debuts, concept cars, or out-of-production classics. It is commonly attended by automobile manufacturers. Most auto shows occur once or twice a year. on Wednesday. Donald Stampfli/Associated Press |
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