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GM, UAW resume talks; workers still on job
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General Motors Corp. and the United Auto Workers resumed talks Monday, after a 3 a.m. break, as workers returned to their jobs.
GM and Ford Motor Co. stock both rose as the market and analysts reacted positively to the marathon negotiations between GM and the UAW. Chrysler is privately owned by Cerberus Capital Management LP.
GM stock was up more than 1.5 percent while Ford stock was up 3 percent in mid-afternoon trading on the New York Stock Exchange.
"While anything could change, the fact that the two sides are continuing to talk is an encouraging sign," JP Morgan & Co. analyst Himanshu Patel wrote in a note to investors Monday.
The two sides have been involved in intense bargaining since Friday when the UAW’s contracts with GM, Ford Motor Co. and Chrysler LLC expired.
The union named GM as its strike target Thursday. The contracts with Ford and Chrysler have been extended indefinitely.
A GM spokesman declined to say if progress had been made over the weekend.
The primary issue, reported to have been settled in principle, is the creation of a union-run voluntary employees' beneficiary association, or massive healthcare trust, that would assume the responsibility for $55 billion in benefits for employees, retirees and their families. // Copyright 2007 by United Press International |
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