Now that GM has offered Kerkorian's advisor, Jerry York, a seat on its board of directors, speculation has been rampant to what the duo will do next.

How about a merger with a Japanese company?

That's what some investors believe. Kerkorian, who was Chrysler's largest shareholder before the company merged with DaimlerBenz to become Daimler-Chrysler, had been a strong supporter of the merger. Now many feel such a merger for the beleaguered General Motors is one of the best ways to save the company. Honda and Toyota have been bandied about as possible partners.

Shares of GM have dropped even further since York was offered a seat on the board.

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