modularf
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Ford to offer 300 million shares of common stock
12 May 2009, 8:01 am
Filed under: Ford, UAW/Unions
Right now, cash is king in the automotive world, and Ford Motor Company is looking to raise some serious greenbacks with 300 million shares of common stock. The money will be used to fund automotive operations, with a portion of the payments Ford is required to make to the Voluntary Employee Beneficiary Association (VEBA) retiree health care fund with the UAW.
At the close of trading on Monday, Ford stock was worth $6.08 per share, and the stock sale should net somewhere close to $1.8 billion, depending on future share fluctuations. That's low by historic standards, but nearly five times what it was worth in November, when the size and scope of the recession and automotive slump was being realized. Since that time, Ford has emerged as the one Detroit automaker that didn't need government funding. The Blue Oval has also increased market share in six of the past seven months, something the Dearborn, MI-based automaker hasn't done in years. The common share sale will be handled jointly by Citi, Goldman, Sachs & Co., J.P. Morgan and Morgan Stanley. Hit the jump to pour over Ford's press release.
[Source: Ford | Image Source: Bill Pugliano/Getty]Continue reading Ford to offer 300 million shares of common stock
Ford to offer 300 million shares of common stock originally appeared on Autoblog on Tue, 12 May 2009 08:01:00 EST. Please see our terms for use of feeds.
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Source: Autoblog
12 May 2009, 8:01 am
Filed under: Ford, UAW/Unions
Right now, cash is king in the automotive world, and Ford Motor Company is looking to raise some serious greenbacks with 300 million shares of common stock. The money will be used to fund automotive operations, with a portion of the payments Ford is required to make to the Voluntary Employee Beneficiary Association (VEBA) retiree health care fund with the UAW.
At the close of trading on Monday, Ford stock was worth $6.08 per share, and the stock sale should net somewhere close to $1.8 billion, depending on future share fluctuations. That's low by historic standards, but nearly five times what it was worth in November, when the size and scope of the recession and automotive slump was being realized. Since that time, Ford has emerged as the one Detroit automaker that didn't need government funding. The Blue Oval has also increased market share in six of the past seven months, something the Dearborn, MI-based automaker hasn't done in years. The common share sale will be handled jointly by Citi, Goldman, Sachs & Co., J.P. Morgan and Morgan Stanley. Hit the jump to pour over Ford's press release.
[Source: Ford | Image Source: Bill Pugliano/Getty]Continue reading Ford to offer 300 million shares of common stock
Ford to offer 300 million shares of common stock originally appeared on Autoblog on Tue, 12 May 2009 08:01:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments
Source: Autoblog