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Ford raises $1.4 billion through share offering

Posted Wednesday, May 13, 2009, 11:59 am in Employee News

Ford Motor Co. said on Tuesday that it raised $1.4 billion through a 300 million share offer for $4.75 per share, a move that its CEO said was an important step toward getting profitable again, Reuters reported.

Ford said the proceeds would be used for general corporate purposes, including to fund a portion of its obligation to a union-run fund set up for retiree healthcare expenses, the news service said. Selling the stock “is another key step in our plan to transform Ford into an exciting, viable enterprise poised to return to profitability,” CEO Alan Mulally said in a statement.

Issuing equity now and possibly funding a larger portion of its retiree obligations with cash would help Ford improve its balance sheet and reduce the potential impact of those obligations on its shareholders, Mulally said in the story. (Reuters/Automotive News)
 
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