AMC Board Approves Buyout

American Motors Corp.’s board of directors has approved a Chrysler Corp. buyout that would give AMC shareholders $4.50 worth of Chrysler stock for each AMC share, the companies announced today.

Chrysler also has agreed to buy French government-owned Renault’s 46.1% interest in AMC, but a final version of the agreement is still being hammered out. The deal must also be approved by the boards of Chrysler and Renault, by AMC shareholders and by the French, U.S. and Canadian governments.