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Report: Ford family to keep stake, wait for turnaround |
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SINGAPORE (Reuters) -- Henry Ford's heirs have patched up differences and agreed to wait for the outcome of a radical turnround plan before considering any possible change in the Ford family's controlling stake in Ford Motor Co., the Financial Times reported.Citing people close to the situation, the paper said that, since holding talks with a Wall Street firm in April about their 40 percent voting stake, the family was not planning more discussions with investment bankers in the short term.People close to the situation said that after deciding against hiring Perella Weinberg, which specialises in mergers and acquisitions, the family would not invite any investment banking firm to its next gathering, traditionally held every six months in the company's home town of Dearborn, Mich., the paper reported.The Ford family, through a company spokesman, declined to comment, the paper said. Perella Weinberg also declined comment.Its decision will damp rumors that the family would take Ford private in a deal with a buy-out group or look at a merger, the FT said.Speculation had intensified since Ford plunged to a record $12.6 billion loss last year amid poor sales, rising competition and high healthcare and pension costs.The apparent retreat from a possible sale will boost the position of CEO Alan Mulally, hired from Boeing Co. last year to restore profitability by 2009, the paper added.
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