Ford Offers to Buy Hughes Co.
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DETROIT — Ford Motor Co. disclosed today that it has made a multibillion-dollar offer for Hughes Aircraft Co., the defense contractor and satellite maker.
The bid was disclosed as part of the process by Ford and its financial arm, Ford Motor Credit Co., to bring their prospectuses up to date, the nation’s No. 2 auto maker said in a statement.
Hughes, owned by the nonprofit Howard Hughes Medical Institute of Miami, is a leading defense electronics contractor and one of the world’s leading satellite makers. It has annual sales of more than $5 billion.
General Motors Corp., Ford and Boeing Co. are considered prime candidates to buy Hughes.
Ford’s statement did not specify the company’s bid.
Ford spokesman Tom Foote also declined to be specific about the bid or explain how the company proposed to pay.
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