The New York Times is reporting that GM and Chrysler are talking merger:

Breaking News Alert
The New York Times
Friday, October 10, 2008 — 10:06 PM ET
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G.M. and Chrysler Explore Merger

General Motors is in preliminary talks about a possible
merger with Chrysler, a deal that could drastically remake
the landscape of the auto industry by reducing the Big Three
of Detroit automakers to the Big Two.

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The talks between G.M. and Cerberus Capital Management, the
private equity firm that owns Chrysler, began more than a
month ago, and the negotiations are not certain to produce a
deal. Two people close to the process said the chances of a
merger were “50-50” as of Friday and would most likely still
take weeks to work out.

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