BRITISH FORD TAKEOVER
Directors To Get £300,000 Each
(N.Z. Press Association—Copyright) LONDON, December 13.
The nine British directors of the Ford Motor Company at Dagenham will receive about £300.000 for their shareholdings when the company is taken over by the American parent company, the “Daily Telegraph” said today Fords of Detroit had made an offer of £7 5s 6d a share and the directors had recommended shareholders to accept. The assistant managing-director, Mr J. M. A. Smith, had the biggest holding, with 19.000 shares worth more than £136,000. The chairman, Sir Patrick Hennessy. Sir Rowland Smith, and Mr C. Thacker each held 4000 shares. The other directors, including Lord Portal, held between 1000 and 3000 shares each, the newspaper said.
Ford’s income for 1961 and 1960 would be about 15 per cent, above last year’s figures, even thought the industry had been hard hit by the recession. Sales for the year were expected to be about £260 million.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19601215.2.86
Bibliographic details
Press, Volume XCIX, Issue 29388, 15 December 1960, Page 13
Word Count
158BRITISH FORD TAKEOVER Press, Volume XCIX, Issue 29388, 15 December 1960, Page 13
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.