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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Generali | AQEU:GM | Aquis Europe | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.09 | -0.38% | 23.39 | 23.40 | 23.41 | 23.435 | 23.07 | 23.31 | 202,898 | 16:50:17 |
DOW JONES NEWSWIRES
The United Auto Workers tentatively agreed to contract changes that will help the three Detroit auto makers compete with foreign companies.
The parties are still in talks regarding the voluntary employee beneficiary associations' retiree health-care trusts.
"The changes will help these companies face the extraordinarily difficult economic climate in which they operate," said UAW President Ron Gettelfinger, who didn't specify the amended terms.
In a statement Tuesday afternoon, Joe Hinrichs, Ford Motor Co. (F) group vice president for global manufacturing and labor affairs, said the UAW agreement "would help Ford operate through the current economic downturn without accessing a U.S. government bridge loan."
General Motors Corp. (GM) and Chrysler LCC are filing viability plans with the Treasury Department on Tuesday afternoon as part of their agreement to receive billions in federal funds. Ford hasn't accepted a federal bailout, but it is suffering along with other auto makers from a steep decline in sales during the past several months.
The VEBAs were established in 2007 labor negotiations and designed to take responsibility for tens of billions of dollars in health-care obligations next year. When activated, the VEBAs will relieve the auto makers of several billion dollars of annual health-care costs.
As part of their loan agreement with the Treasury, GM and Chrysler agreed to restructure the VEBAs with the UAW by replacing half of the cash owed to the fund with stock.
Hinrichs said the agreement includes modified provisions on labor costs, benefits and operating practices that allow Ford to reach competitive parity with foreign-owned automakers' manufacturing operations in the U.S.
Ford's shares climbed 5.9% to $1.79 in after-hours trading and GM's rose 3.2% to $2.25.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; Kathy.Shwiff@dowjones.com
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