GM tells Feds to keep it by ProQuest

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GM tells Feds to keep it
General Motors had asked for and made arrangements to se-
cure money to operate in March. Now GM says there is no need
for that $2 billion.
  How can this not be good news?
  The Wall Street Journal reported in mid-March GM said it had
enough cash to keep operating through the end of March and
would not need the $2 billion government infusion it had re-
quested.


How can this not be good news?

  Maintaining, “it still will need additional government aid,”
GM said its cost-cutting moves and spending deferrals in Janu-
ary and February successfully held off the need for more U.S.
funds in March.
  A GM representative said March’s cash-flow performance was
better than expected.
  GM has borrowed $13.4 billion from the federal government
to keep itself out of bankruptcy since December and has re-
quested $30 billion in loans.



European Commission
drives BASF sale
German chemicals giant BASF is selling off several units to win Eu-
ropean Union antitrust approval to buy Swiss rival Ciba Holding.
   The European Commission said BASF agreed last September
to buy Ciba for $5.35 billion (6.1 billion Swiss francs) in cash.
That transaction augments the German company’s presence
worldwide. Ciba’s board and shareholder
								
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