A General Motors Corp. takeover of Chrysler Group is laughable, industry observers suggest, but the prospect of a partnership to defray fixed costs has some merit. Reports of such plans sprung from the unveiling this week of Chrysler’s restructuring initiative, which is expected to return the auto maker to profitability by next year. Since Daimler-Benz AG and the former Chrysler Corp. formed DaimlerChrysler AG in 1998, German shareholders have made no secret of their disenchantment. At ...

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