OTHER NEWS - Nov. 19, 1993
From Times Staff and Wire Reports
GM Drops Plan to Sell Division: General Motors Corp. abandoned the sale of its automatic transmission division to a German competitor because the U.S. government said it would create a near monopoly. The decision came two days after the Justice Department filed an antitrust lawsuit to block the $525-million acquisition of GM’s Allison Transmission Division by ZF Friedrichshafen. The government alleged that the merger would increase prices and lower services for customers. In a joint statement, GM and ZF said it was not in the firms’ best interests to extend the prolonged battle.
