General Motors Corp.'s 2006 worldwide sales dropped slightly last year to 9.09 million cars and trucks, but it apparently was enough to keep the title of world's largest automaker for another year, The Associated Press reported. The company's closest rival, Toyota Motor Corp., estimates that it produced 9.04 million vehicles last year, barely short of GM's sales total for the year. Toyota usually releases its final totals near the end of January, AP said. GM said last Wednesday that worldwide sales last year fell 0.9% from 9.17 million in 2005, due mainly to lower sales in the United States, according to AP. The two companies are preparing for a showdown in 2007, with GM Chief Executive Rick Wagoner vowing to fight to keep the No. 1 spot, AP said. Toyota has said it expects to produce 9.42 million vehicles next year, which would far surpass GM's worldwide total this year, AP reported. L&MT Delphi Judge OKs $3.4 Billion Cerberus Offer Delphi Corp., a U.S. auto-parts maker once owned by General Motors Corp., won court approval of a $3.4 billion investment by five financial firms, paving the way for an exit from bankruptcy, Bloomberg reported. The offer, led by Cerberus Capital Management LP, was approved by U.S. Bankruptcy Judge Robert Drain in New York, Bloomberg said. The decision puts Cerberus and its partners a step closer to taking a 30% to 70% stake in Delphi. Delphi, which had supported the Cerberus proposal, said it will continue to study a rival bid by Highland Capital Management LP, according to Bloomberg. Highland said it will study its options, Bloomberg reported. GM wants Delphi to exit bankruptcy as quickly as possible. A strike at Delphi by union workers over proposed pay and benefit cuts could cause a shutdown of GM plants. GM, which spun Delphi off in 1999, also backed the Cerberus bid, Bloomberg said. L&MT
