urther discussion with BMW and iat ha e not resulted

Can the ord group out o rut without amending the exorbitant powers o the descendants o Henry ord, the great-grand ather o the current President and CEO amily shareholders, o Dearborn (one), the question is now clearly asked: in the absence

Come in recognition more than a year in this regard, Carlos Ghosn, the boss o the Renault-Nissan, was meet the amily many nothing on this chapter. But should he regain contact with the giant o Dearborn, and pro ided that its own talks with GM ail, it is not sure that he aces the same intransigence o the main shareholders. Inter iewed by "Business week" on the balance o power within its Board o Directors, Bill ord now takes care to lea e doors open: "what shares necessary to our relie , the amily is will not across the road (...).". "The amily will not be a actor o brake any plan makes us mo e orward", he said. "I we ind someone with interests to ours, and it is good or us, we will look at this", he added without explicitly mentioning the ranco-Japanese alliance.

There are indeed ire the ord House. Since the young CEO was gi en the position instead o Jack Nasser, ollowing nearly i e years, the Group has accumulated losses $ 9 billion, has seen its market share all in North America and its market capitalization melt $ 18 billion. September 14, a Board o Directors shall harden o the rescue plan already rigorous announced in January, which pro ided or the remo al o 30,000 jobs and the closure o 14 actories in the United States by 2012. But to marry the Group blue o al with one o his peers, i any, it will take more than a simple Board.

Clear rules

The rules o the game are clear: although that they hold less than 4 o the outstanding shares, the heirs o Henry ord, representati es o the third, ourth and i th generations, control not less than 40 o the oting rights, by the game are ery co eted "actions (b)" they are the only ones to ha e. Better, these same people (50 in total) are the only ones able to appro e a merger with another group, the realization o assets or their trans er in another company, or a liquidation. And i e er the B shares beyond the amily, they would lose their "superpowered" re-emerging as ordinary titles. Where the possibility o a con lict o interest with other shareholders, i the latter were to consider to di est the company.

This protection "in concrete" number two world automobile dates ery ar back. It's in 1936 that Henry ord, the great in entor o the ord T, and his son Edsel lock system oundation, to escape huge potential succession rights. The two men to trans er 95 o their shares in the constructor... but keep 100 o the oting rights. A ter the death o the ounding isionary, ord is put on the stock exchange in 1956, but the amily then retains 40 o the oting rights. Share will ary more then, despite the dilution o its shares " acial" as the multiple recapitalisations, the last in 2000.

Without these special pro isions, ord could all in the Daimler anyway, which e entually olded on Chrysler or olkswagen, interested time. urther discussion, with BMW and iat, ha e not resulted. But o er time, this thick armor anti-OPA may become a oil or a iancé possible.