Wednesday, December 16, 2009
Ford Sells 20% of its Mazda Stake to Raise $540 million
Following in the footsteps of GM which announced on Monday the sale of its 3% stake in Japanese carmaker Suzuki for $230m, Ford said that it will sell a portion of its ownership stake in Mazda in a desperate attempt to raise cash to survive through the economic crisis. The troubled U.S. automaker, which owns 33.4% of Mazda, will sell about a 20% stake to Mazda and several of its strategic business partners. The sales of the Mazda shares will net Ford approximately $540 million. The two companies said in separate statements that they will continue their ongoing joint ventures, as well as the sharing of platforms and powertrains.