Loading…
Thursday, September 18, 2014
Current Weather
Loading Current Weather....
Published: Thursday, 5/14/2009

Ford shareholders OK issuing 300 million shares of common stock

ASSOCIATED PRESS

WILMINGTON, Del. Ford Motor Co. says shareholders have approved its request to issue more common shares to help pay some of its health care obligations to retired autoworkers.

At the automaker's annual meeting in Delaware, more than 95 percent of shareholders voted to authorize a stock offering that Ford could use to meet up to 50 percent of its obligations to its Voluntary Employee Beneficiary Association. That is the health care trust for retired autoworkers and their families.

On Monday, Ford disclosed a public offering of 300 million shares of common stock that will help it fund the VEBA, which is owed $6.3 billion by the end of this year.

The offer is a first for the 105-year-old company, which went public in 1956.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.