Ford to pay $495 million to Brazilian state of Bahia

Ford Motor (NYSE:F) is trading up 0.13% at 15.02

Ford Motor (NYSE:F) will pay roughly 2.5 billion reais ($495 million) to the state of Bahia after deciding to close its plants in Brazil, newspaper O Estado de S. Paulo reported on Thursday.

The payment aims at reimburse Bahia for all subsidies Ford has received since it opened a plant in the town of Camacari in 2001, the report added, citing sources familiar with the matter.

Ford did not immediately respond to a Reuters request for comment on the matter. The Estado newspaper said Ford declined to comment on the matter.

In January, Ford decided to close its three plants in Brazil and take pretax charges of about $4.1 billion. Reuters in a report in May found Ford had spent almost $12 billion in Brazil.

On technical fronts Ford Motor (NYSE:F) RSI stood at 60.94 and currently stock is trading above all Moving Average. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : Ford Motor (NYSE:F) – BUY: 15.02, TARGET: 15.79, STOP LOSS : 14.55

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