Business Highlights

GM to cut 21,000 US factory jobs, shed Pontiac

DETROIT (AP) — General Motors Corp. could be majority owned by the federal government under a massive restructuring plan laid out Monday that will cut 21,000 U.S. factory jobs by next year and phase out the storied Pontiac brand.

The plan, which includes an offer to swap roughly $27 billion in bond debt for GM stock, would leave current shareholders holding just 1 percent of the century-old company, which is fighting for its life in the worst auto sales climate in 27 years.

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Daimler reaches deal on final split from Chrysler

NEW YORK (AP) — German automaker Daimler AG says it's reached a deal to get rid of its 19.9 percent stake in Chrysler LLC.

Under the deal, Daimler AG will forgive the loans it extended to Chrysler when it sold most of the company to Cerberus Capital Management LP in 2007.