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Doesn't a merger have to be first approved by BOTH Boards and then ratified by the stockholders of each company? First, there isn't enough time to accomplish it and 2nd, would Cerebus being the majority share holder in Chrysler even want to trade it for the remaining shares in GMAC? I see no benefit on the GM shareholder side to approve the deal given both companies are in real trouble. The stake GM has in GMAC at least makes it some money.
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