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Ford Considers Selling Finance Unit During Company Restructure

August 29, 2006

Dearborn, Mich.—Ford motor company has recently considered selling a stake in its consumer finance unit, Ford Motor Credit, after a $1.44 billion first-half loss, reported The Detroit News. The automaker is contemplating a number of restructuring options including selling its Land Rover and Jaguar luxury brands to an investment group led by Jacques Nasser, former CEO of Ford, and taking the company private.

The automaker said that it would also cut North American production by 21 percent in the fourth quarter.

Citigroup Inc. executive Robert Rubin recently resigned from Ford Motor Co.’s board of directors; a move that was thought to play a role in the changes taking place at Ford Credit.

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