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Detroit: Chrysler, GM offer new concessions; Entertainment: Two top talent agencies to merge; Software: An unwelcome first for Microsoft; Publishing: Portfolio calls it quits; Lending: Obama leans on credit card companies

Detroit: Chrysler, GM offer new concessions

Chrysler, the Treasury Department, and the United Autoworkers this week reached a deal to keep the automaker out of bankruptcy court, said Alex Kellogg and Kris Maher in The Wall Street Journal. Under the plan, union workers would own 55 percent of Chrysler, but give up cost-of-living wage increases and accept limits on overtime pay. The firm’s creditors, including Treasury, would swap their debt for shares in the company. The move would allow Chrysler “to intensify negotiations on a merger deal with Fiat.”

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