Analysts on Thursday said the deal with Cimeria that had been billed as a cash-and-stock deal that would see GM buy the Mexican automaker’s entire auto operations had instead gone sideways.

The analysts at Morgan Stanley were more skeptical about the potential to deliver any of the big savings that would have been expected from the deal, which had been scheduled for completion by the end of the year.

They also said it was possible the deal could have gone forward even if GM had made a profit of less than $1 billion a year on the deal.

The analysis, based on multiple reports, did not offer much in the way of reassurance for shareholders who were looking for signs of success in a deal that is expected to be a landmark for GM and the United States.

It also noted that the deal has been criticized by U.S. auto executives and some consumer advocates for its lack of transparency, despite assurances from President-elect Donald Trump that he would help GM make more money from the transaction.

Analysts had predicted that GM would make about $3.5 billion on the transaction, although it may not have been enough to cover the $2.8 billion it had originally said it would pay.

While the deal would be a major boost to GM’s global operations, it has been called a poor use of taxpayers money.

The deal would have allowed GM to sell its entire automotive operations in the U.K. and Europe.

While that would not have saved GM a single dime in interest charges or taxes, analysts said the cash flow from selling the operations was going to be very positive.

Analyzing the transaction as a whole, they said that although the cash-based return of $2bn is “significant,” it could be outweighed by a more conservative estimate of $1.8bn in additional cash flow through the sale of GM’s European operations.

The investment, however, has been viewed as a failure by U