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US car giants locked in bailout talks

8 Dec 2008


US carmakers were today in talks for a fifth day with politicians in Washington over a multi-billion dollar rescue package.

Bosses at General Motors, Ford and Chrysler were close to securing a $15 billion bailout from the White House - but also faced calls to resign. President-elect Barack Obama said the collapse of the US car industry was "unacceptable" but warned management "should go" if they fail to reform businesses.

Meanwhile, struggling UK car parts supplier Wagon today said Zolfo Cooper would be appointed as administrators with pressure mounting on the UK Government to support the motor industry.

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