With the election over, General Motors and Chrysler can get back to the business of trying to manufacture a deal to save two of Detroit’s Big Three. GM and Chrysler’s owner, Cerberus Capital Management, suspended negotiations last week awaiting the vote results. Not that it mattered very much — both candidates had expressed support for government aid to the struggling sector. The Obama victory could be seen as mildly positive, as he has been seen as more sympathetic and had the backing of the UAW.

GM had pushed for up to $10 billion in U.S. government aid to support its bid for Chrysler’s auto assets, sources tell us. The Bush administration wants to speed delivery of up to $25 billion in already approved low-cost loans to help automakers retool older factories to make more fuel-efficient cars. 

But as Kevin Krolicki and Jui Chakravorty report, the industry needs a bigger cash infusion – and one with fewer strings attached — to ride out a downturn in sales that has run beyond the darkest forecasts of just a few months ago.

The UAW has pushed for another $25 billion in low-cost loans to offset healthcare costs. Other suggestions from GM and Chrysler include tax incentives for new car buyers. But the final form of any industry rescue package will be up to the next administration.

Deals of the day:

* Sony affiliate Field Emission Technologies Inc has decided to shelve plans to acquire a plasma factory in Kagoshima, western Japan, from Pioneer, the Nikkei business daily reported.

* Bahrain-listed Khaleeji Commercial Bank said it agreed to acquire BLC Bank-France for $250 million. The bank acquires a European Union-wide banking license as well as BLC’s four branches in the United Arab Emirates and one branch in Paris.

* Strategic investors have acquired 68 percent of shares in Ukraine’s troubled Prominvestbank, the central bank said on Wednesday.

* Emirates Telecommunications said on Wednesday it plans to finalize an acquisition in Iraq by Nov 15.