By David WeigelBloombergBusinessweek – October 21, 2017 12:08:09Ford will sell off more than $3.7 billion in cash and stocks to raise cash to cover Hurricane Harvey relief costs, according to a filing with the U.S. Securities and Exchange Commission.
The automaker, one of the largest U.N. suppliers, will sell shares in Ford, General Motors Co. and Fiat Chrysler Automobiles NV to raise funds for Harvey relief efforts, the filing said.
The sale is part of Ford’s ongoing efforts to raise capital and cover Harvey relief expenses, the agency said.
Ford will continue to use proceeds from the sale to help the U,S.
Government and its emergency response partners, it said.
The automaker will also pay $300 million in tax benefits to U.K. and U.A.E. citizens who are displaced by Harvey, it added.