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Asked about more divestitures, Breen wouldn't say if there will be more cuts but did say that he doesn't expect any others.
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"People thought there would be more divestiture activity as companies try to get more liquid, but that hasn't happened yet".
With lighting and appliances on the block, he said, "expectations should be low for any more major divestitures including NBC Universal in the near term".
Nonetheless, Congress acted in 2006 to deal with the recusal problem by making divestiture more appealing.
"We probably have one more quarter where the divestitures will be of high interest, but people are going back to the core business".
Still, York did prod GM to cut its dividend and move more quickly on certain divestitures.
Do divestitures have more or less favorable performance implications when they are undertaken in recessionary periods?
Intriguingly, as cross-border divestitures become more prevalent, the number of external stakeholders involved in a divestiture will not only increase, but the differences in their objectives are likely to become starker.
With global deals becoming more complicated, remedies such as divestitures have become similarly complex and more or less impossible to police.
Together, these studies highlight the point that divestitures do far more than simply solve problems within diversified firms, and that they instead serve as mechanisms through which managers can grow and improve their firms.
"We concluded that, subject to reviewing the detail of any agreement, a partial divestiture of one or more stations involving a brand-licence arrangement between the acquirer and Global was a credible divestiture mechanism and was capable of being effective in addressing the substantial lessening of competition".
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