European Stars and Stripes (Newspaper) - November 5, 1990, Darmstadt, Hesse                                Page 20 the stars and Stripe monday november 5,1990 car firms Shelve joint project today a crossword new York up Chrysler corp. And Fiat group citing sluggish automobile sales and a troubled global Economy among other factors have ended discussions on possible joint ventures and other business arrangements the companies said Friday. Quot we discovered some Strong potential opportunities for working together and some outstanding operational synergies mat could have benefited both companies a Chrysler chairman Lee Iacocca said. In a statement Iacocca added Quot unfortunately timing is everything and we be jointly come to the conclusion that the current timing would be  uncertainties in the global Economy rising Oil prices slowdowns in . And european Auto sales and worsening business conditions a created overwhelming obstacles to a Deal with Fiat Iacocca said. Giovanni Agnelli chairman of the italian automaker also pointed to deteriorating global economic conditions As a Factor in the breakdown of the talks. A a we have to realize that the world economic scenario is plagued with uncertainty and that synergies and Mutual advantages cannot be pursued a Agnelli said. Quot it is with regret that our two corporations find that they must give up a project that at the beginning of negotiations seemed quite  several Auto Industry analysts expressed Surprise the discussions which began several months ago failed to produce an agreement. A i am sort of perplexed As to Why with All the cordial words we saw in the press release they could not put a Deal together Quot said Joseph Phillippi of Shearson Lehman Brothers. . Temperatures Phillippi speculated that Quot the Fly in the ointment May have been French automaker Renault which has the rights to distribute Chrysler jeeps in France Italy Portugal and Spain a rights that Fiat May have demanded As part of any agreement with the no. 3 . Automaker. A one of the things they Chrysler were trying to do was to put together a pan european distribution Deal a Phillippi said a without Chrysler being Able to give Fiat distribution rights for jeeps the Deal May not have been that attractive to Fiat a Quot in a a Little surprised a said Jean Claude Gruet an analyst with us Phillips and Drew. A i thought at a minimum there would be an agreement to Market Chrysler vehicles in  a Vid Jouppi an analyst with Keane securities of Detroit said another Factor in the failure of the talks May have been Chrysler a third Quarter losses. The automaker last week reported a loss of $214 million for the Quarter which was larger than most analysts had expected. While considering the breakdown of the talks a slight negative for Chrysler analysts did not expect it to have a direct Impact on the troubled company a earnings or Long term prospects for survival. A this is a moderate negative but not enough of a negative to really Hurt the Stock Price a Phillippi said. A Chrysler is looking for that mystical dancing partner that will give it a stronger position in Europe but it can to find someone who wants to do it a Jouppi said. A they May have to just go it  Chrysler Stock closed Friday up 37.5 cents to 11.375 a share in trading on the new York Stock Exchange. 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