BUSINESS BRIEFING / AUTOMOBILES

Ford Motor Co. has adopted a plan to deter investors who hold more than 5% of its stock from increasing their stake, in order to protect its tax assets.

Ford would lose access to certain tax shelters if anyone had a bigger stake. At the end of 2008, Ford had tax credits and net operating and capital losses offsetting $19 billion in future taxable income.

Under the plan, if an ownership change were to occur, Ford would exercise a dividend right to buy one share of common stock for every outstanding share at a discount. That would dilute the 5% shareholder.