Ford On GM:Will Work With US Administration To Ensure 'Level Playing Field'
01 Juni 2009 - 9:58PM
Dow Jones News
Ford Motor Co. (F) said it will keep an eye on General Motors
Corp.'s (G) bankruptcy proceedings as it looks to protect its
competitiveness.
"We look forward to working with the Obama administration to
ensure that the government's majority ownership of GM will not
change the industry's competitive dynamics and that a level playing
field will be maintained," Ford said in a statement Monday.
Ford, the only U.S. auto maker to not seek federal aid or file
for bankruptcy, aims to share in any changes that GM or Chrysler
LLC receive as part of the reorganization process. To date, the
auto maker has secured similar labor and debt concessions in the
U.S. from the United Auto Workers and its bondholders.
Outside the U.S., Ford has been critical over Germany's decision
to give GM's Opel division EUR1.5 billion ($2.1 billion) in
government-bridge financing while the French government provided
EUR6.8 billion to PSA Peugeot Citroen and Renault.
Ford has yet to file a formal complaint or seek money from
France or Germany.
"Ford remains absolutely committed to continuing to make
progress on our transformation plan without accessing emergency
taxpayer assistance from the U.S. government," the Dearborn,
Mich.-based company said in the statement.
Ford shares rose 7% to $6.15 in earlier trading Monday.
- By Jeff Bennett, Dow Jones Newswires;
jeff.bennett@dowjones.com; 248-204-5542