Ford, GM to Acquire Stake in Commerce One

Ford Motor Co. and General Motors Corp. will take a combined stake in Commerce One, making the business-to-business software company a technology partner in the auto makers’ online exchange, Covisint. Pleasanton, Calif.-based Commerce One said it will issue to GM and Ford 14.4 million shares apiece. Commerce One closed off $3.38 at $40.38 on Nasdaq. The combined number of shares represents a 14% interest in Commerce One. Commerce One said it will undergo a corporate restructuring to convert to a holding company and get a 2% equity interest in Covisint., which was set up by Ford, GM and three other auto makers.