Detroit News reported
that the UAW
has rejected Delphi Corp.'s latest offer, saying that it would have a "devastating impact" on
the parts supplier's workers. However, in an effort to stave off Delphi's threat to begin voiding its labor contracts
by Friday if a labor agreement hasn't been reached, the UAW offered an olive branch to the company, saying it was
willing to keep working on the issue with Delphi if the company withdraws its Friday deadline.
follow through on its threat to ask the court to void its labor contracts, UAW leaders indicated that a strike is
likely. The tough talk led investors to hammer
GM's stock price
, which fell more than 4 percent in Wednesday morning trading. A strike would be devastating to
, Delphi's biggest customer.
[Sources: Detroit News, Reuters]