A few years ago we wondered who the next takeover target would be. Ford bought Jaguar, Volvo and Land Rover. Daimler took over Chrysler. GM bought Saab, and then snapped up parts of Subaru, Fiat and Daewoo. They all had their eyes on BMW. And everyone wondered who was next. But if they had carefully studied their own histories, I wonder if the car companies would have allowed themselves to get caught up in the merger mania of the 1990s. Consider this: On a fully accounted basis, ...

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