Bologna Car Pictures

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Chrysler shares no longer trade on the NYSE since the company was taken over by private equity firm Cerberus Capital Management last month.

Pete Hastings, an auto industry corporate bonds analyst with Morgan Keegan & Co., said investors should be confident because the two sides appear to be moving closer to a settlement that would avoid a strike. The UAW is negotiating an agreement with GM first and will try to persuade Ford and Chrysler LLC to accept the same terms.

``This labour agreement is monumentally important and would be a big step towards completing the turnaround for GM,'' Hastings said. ``I fully expect them to get a deal done. It's in both of their interests to get something in place.''

But the mood in GM's plants was subdued as workers awaited word on the talks. After a weekend of marathon bargaining, GM workers were on the job Monday at the automaker's 82 U.S. facilities, including assembly and parts plants and warehouses. The UAW represents around 73,000 GM auto workers.

Chris (Tiny) Sherwood, the president of Local 652 in Lansing, said workers were calling him to see if they should report to their afternoon shifts or to a picket line.

Emmett Faulkner, 49, a 30-year veteran of GM, said he wasn't worried about his job because he believes his plant, a transmission facility in Warren, is critical to GM. But he's concerned about GM's plan to turn over retiree health care to the UAW.

``This is our livelihood here, you know,'' he said.

A message was left with UAW spokesman Roger Kerson seeking comment.