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| The Pub For General Automotive Related Talk |
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06-10-2005, 10:22 AM
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Banned
Join Date: Dec 2004
Posts: 689
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TOKYO (Reuters) - Toyota Motor Corp. is to buy an 8.7 percent stake in fellow Japanese automaker Fuji Heavy Industries Ltd. (7270.T: Quote, Profile, Research) from General Motors Corp. (GM.N: Quote, Profile, Research), which will dissolve its ties with Fuji, the companies said on Wednesday.
The transfer of shares in the maker of Subaru cars reflects a symbolic shift in the balance of power within the global auto industry as Toyota (7203.T: Quote, Profile, Research) threatens to unseat the embattled U.S. auto giant as the world's biggest carmaker by sales. GM, which bought its 20 percent stake in Fuji Heavy in late 1999, has been struggling to strengthen a balance sheet weighed down by huge pension and health care liabilities and address sliding U.S. sales as competition from Asian brands intensifies. Analysts had questioned the value of the Fuji Heavy-GM alliance as Subaru battles its own drop in sales and strategic cooperation between the two has remained thin. GM said Toyota would buy 68 million of its Fuji Heavy shares at 520 yen each, for a total 35.36 billion yen ($309 million) in cash. The U.S. automaker could do with the money as its financing costs grow following the downgrade of its debt to junk status this year by three top rating agencies. GM will divest its remaining 11.4 percent stake in Fuji Heavy by offering the shares into its partner's open-market buy-back of 90 million shares over the next three days. http://today.reuters.com/news/newsAr...storyID=232997
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06-10-2005, 10:27 AM
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Adapt or perish...
Join Date: Jan 2005
Location: Dip!@#$
Posts: 7,954
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Was watching on Sunrise early this morning and the financial guy in NY said that GM's shares dropped 8% yesterday (IIRC).
Not looking good for GM.
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06-10-2005, 10:33 AM
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Banned
Join Date: Dec 2004
Posts: 689
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No but when you think about it, it was a wasted asset for GM as the synergies didn't really go far at all. Suzuki and Isuzu are also going to be sold off.
GM are scraping the bottom of the barrel atm as they need the cash to continue to develop new models. Why stop there, why not also sell off SAAB? It's been a waste of money for GM for a number of years. It wasn't that long ago when carmakers were buying up other carmakers. Now, the trend might be reversing. I don't think Ford is in a different situation either. Ditto DC.
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06-10-2005, 10:37 AM
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Adapt or perish...
Join Date: Jan 2005
Location: Dip!@#$
Posts: 7,954
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I think the car market has shifted into a different phase of buying.
With the current prices of world oil, the smaller cars are doing well (look at last months sales), while family cars and 4WDs suffer. Granted that people are still buying them, but the small car market is hitting a boom that 4WDs had not too long ago.
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06-10-2005, 11:43 AM
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An Old Boss™©
 
Join Date: Dec 2004
Posts: 1,145
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Quote:
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Where did I go? What was I doing there?™© |
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06-10-2005, 11:55 AM
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Banned
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Posts: 689
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Quote:
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06-10-2005, 12:18 PM
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V8 Rock'n'Roll....
Join Date: Jan 2005
Location: You got me Rootin' like a Hog, Barkin' like a Dog, Climbing trees and Jumping logs....
Posts: 1,048
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More to the point - It's a case of "out of the frying pan and into the fryer" for Subaru. Going from a company that thinks like a Grandpa to a company that specializes in building cars for Grandpa's....
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1 owner 03 BA XR8 Manual Sedan 208.8 rwkw stock, update soon 20x8.5 fr 20x10 rr Rumble thanks to: Sureflo Exhaust - Stainless Cat's & 3.5in single catback system "Tell 'em the guy with the Blue Mohawk sent Ya" |
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06-10-2005, 12:23 PM
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Zoom Zoom
Join Date: Jan 2005
Location: Melbourne, VIC
Posts: 4,352
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What next - Ford? Specialise in building cars that can be modified to cart grandpa to the cemetary...
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2012 Mazda3 MPS
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06-10-2005, 02:20 PM
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FF.Com.Au Hardcore
Join Date: Jan 2005
Posts: 3,198
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They have that already dont they?
the Crown Victoria and Mercury Grand Marquis lol On another note- Can anything stop the Toyota jugernaut? Sad how they they r taking over |
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06-10-2005, 02:26 PM
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An Old Boss™©
Join Date: Dec 2004
Posts: 1,145
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By geez I hope this means the death of the new Subaru "corporate nose"!!!!!!!!!!!
On the other hand, I hope Toyota don't "appliance" all of the exciting Subaru products like they have done on themselves.
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Where did I go? What was I doing there?™© |
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06-10-2005, 02:27 PM
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FF.Com.Au Hardcore
Join Date: Jan 2005
Location: Northern Sydney
Posts: 1,908
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Toyota to buy into Subaru
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