Ford Jr. urges family unity in aftermath of Kerkorian plan [Archive] - Ford Inside News Community

: Ford Jr. urges family unity in aftermath of Kerkorian plan


1931Chevy
05-09-2008, 08:25 PM
Days after billionaire investor Kirk Kerkorian unveiled his plan to become Ford Motor Co.'s largest private shareholder, the heirs of Henry Ford gathered Saturday near Dearborn for their spring meeting.

Several generations of Fords were briefed by CEO Alan Mulally on the company's progress with its turnaround plan, reviewed the newest car and truck offerings, and discussed Kerkorian's bid to bolster his 100-million-share stake by at least another 20 million shares, according to people familiar with the meeting.

Family members expressed concern that Kerkorian might pose the first serious challenge to their control of the company in its 104-year history. That control also will be challenged Thursday when shareholders meet in Wilmington, Del., and consider a perennial resolution that aims to strip the family's Class B shares of their super-voting power. Without the support of the family, which votes its shares as a bloc, the resolution has little chance of passing.

continue at the link (http://www.detroitnews.com/apps/pbcs.dll/article?AID=/20080507/AUTO01/805070395)

Mbukukanyau
05-09-2008, 09:05 PM
They need to inject money into this company big time. What is wrong with Kirk? Proton is for sale, he could go and buy it, and build factories here and perhaps become another Hyundai, Why does he like going after American icons and destroying them?

Mbukukanyau
05-09-2008, 09:24 PM
Kirk Kerkorian, the billionaire investor with a long history of activism with U.S. auto makers, has raised the possibility that he may get more involved with Ford Motor Co. than previously thought.
In a regulatory filing Friday regarding the launch of a tender offer for Ford shares, Mr. Kerkorian's Tracinda Corp. said there is no "present intent to acquire or influence control over the business of Ford." However, the filing noted, Tracinda will continue to evaluate Ford's business and "may, from time to time, propose business strategies and...acquire additional shares."

Tracinda, which announced last week that it started acquiring Ford shares early last month and that it planned to purchase more, formally registered Friday its tender offer to buy as many as 20 million additional shares. Tracinda's purchase would increase Mr. Kerkorian's stake to 5.5% from 4.7%, if the full amount is purchased before the offer expires June 9. Tracinda will pay $8.50 a share.
"We have explored the possible infusion of additional capital into Ford in order to give it more flexibility in implementing its turnaround process," Tracinda said in its statement filed with the Securities and Exchange Commission, adding that it believes the company "is an attractive investment." Tracinda said its current plans don't envision extraordinary transactions such as a merger, reorganization or liquidation of assets, and that the investment firm isn't seeking to overhaul company management.
Nonetheless, Tracinda's comment on the possibility it will advocate certain strategies is bound to stir speculation that Mr. Kerkorian may be inclined to take a page out of the playbooks he has adopted with previous investments in General Motors Corp. and Chrysler LLC. Should Ford stumble in its turnaround, Chief Executive Alan Mulally could feel pressure to move even more aggressively to restructure.
Mr. Mulally, who expects Ford to return to full-year profitability in 2009, has redoubled the company's cost-cutting efforts since joining the company in late 2006 after a long career at Boeing Co. He has also taken steps to improve coordination of Ford's sprawling global operations and has pursued a strategy to focus on core brands.

Kirk Kerkorian, the billionaire investor with a long history of activism with U.S. auto makers, has raised the possibility that he may get more involved with Ford Motor Co. than previously thought.
In a regulatory filing Friday regarding the launch of a tender offer for Ford shares, Mr. Kerkorian's Tracinda Corp. said there is no "present intent to acquire or influence control over the business of Ford." However, the filing noted, Tracinda will continue to evaluate Ford's business and "may, from time to time, propose business strategies and...acquire additional shares."

Tracinda, which announced last week that it started acquiring Ford shares early last month and that it planned to purchase more, formally registered Friday its tender offer to buy as many as 20 million additional shares. Tracinda's purchase would increase Mr. Kerkorian's stake to 5.5% from 4.7%, if the full amount is purchased before the offer expires June 9. Tracinda will pay $8.50 a share.
"We have explored the possible infusion of additional capital into Ford in order to give it more flexibility in implementing its turnaround process," Tracinda said in its statement filed with the Securities and Exchange Commission, adding that it believes the company "is an attractive investment." Tracinda said its current plans don't envision extraordinary transactions such as a merger, reorganization or liquidation of assets, and that the investment firm isn't seeking to overhaul company management.
Nonetheless, Tracinda's comment on the possibility it will advocate certain strategies is bound to stir speculation that Mr. Kerkorian may be inclined to take a page out of the playbooks he has adopted with previous investments in General Motors Corp. and Chrysler LLC. Should Ford stumble in its turnaround, Chief Executive Alan Mulally could feel pressure to move even more aggressively to restructure.
Mr. Mulally, who expects Ford to return to full-year profitability in 2009, has redoubled the company's cost-cutting efforts since joining the company in late 2006 after a long career at Boeing Co. He has also taken steps to improve coordination of Ford's sprawling global operations and has pursued a strategy to focus on core brands.
In addition to a deal to sell Jaguar and Land Rover to India's Tata Motors Ltd., Ford unloaded its Aston Martin unit under Mr. Mulally's watch. Despite talk that Volvo could be next to go, Mr. Mulally reiterated last month that Ford is committed to improving the performance of the Swedish unit.
Ford issued a statement recommending that its shareholders take no action until the Tracinda offer can be reviewed. The company will advise its stockholders by May 22. The Ford family controls 40% of voting power at Ford through 70.9 million Class B shares. Chairman Bill Ford is one of two family members on the auto maker's board.
In addition to a deal to sell Jaguar and Land Rover to India's Tata Motors Ltd., Ford unloaded its Aston Martin unit under Mr. Mulally's watch. Despite talk that Volvo could be next to go, Mr. Mulally reiterated last month that Ford is committed to improving the performance of the Swedish unit.
Ford issued a statement recommending that its shareholders take no action until the Tracinda offer can be reviewed. The company will advise its stockholders by May 22. The Ford family controls 40% of voting power at Ford through 70.9 million Class B shares. Chairman Bill Ford is one of two family members on the auto maker's board.


WSJ (http://online.wsj.com/article/SB121033912146980647.html?mod=googlenews_wsj)

1931Chevy
05-09-2008, 11:05 PM
What I hope is that the family members that still dont believe in Ford sell their shares but to the rest of the family like Bill or Elena because the only way Ford can survive its by letting the Ford family have control of the company and even Jerry York acknoledge that

York has said publicly that he views their continued ownership as a source of stability in a turbulent industry.

but I still think the guy doesnt understand FoMoCo
in a part
But York also has made it clear he is interested in seeing Ford sell its Volvo Cars unit, shut down its lackluster Mercury division, leverage its 33 percent stake in Japan's Mazda Motor Co. into more Ford-brand vehicles and potentially explore an alliance between Ford and another automaker.

Mercury can still be saved with only 4 to 5 cars, right now Ford imo has one heck of and alliance with Mazda they codevelop platforms between the 2 companies and Ford still gets a share of the profits that Mazda makes, and last is Volvo, as I said before whats not helping Volvo here in the states is the exchange ratio, but if they are able to build the C30 and the S40 here in the states they could save some money