Ford to offer 300 mln common shares - 4:50PM

Ford to offer 300 mln common shares - Market watch SAN FRANCISCO (MarketWatch) Ford Motor Co. said late Monday it will offer 300 million common shares at a par value of 1 cent a share. As a part of the deal, the auto maker plans to grant the underwriters a 30-day option to purchase up to 45 million shares. The proceeds from the offering are expected to be used for general corporate purposes, including to fund with cash, instead of stock, a portion of the payments Ford is required to make to the Voluntary Employee Beneficiary Association retiree health care trust with the United Auto Workers. "We continue to make strong progress on our transformation plan - gaining retail market share with great new products, improving quality, reducing costs and positioning Ford for a return to profitability," said Chief Executive Alan Mulally. Citi, Goldman Sachs & Co., J.P. Morgan and Morgan Stanley are acting as joint book-running managers for the deal.

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Ford(F) closed at 6.08 today losing .16 cents or -2.56 percent. As of 4:54 PM the stock has given up another .31 cents or - 5.10 percent. For any Ford stock holders - Ouch! Glad they told everyone after the market closed