DETROIT As the major automakers continue their pleas for governmental assistance, Ford Motor Co. said it is selling a portion of its ownership stake in Mazda Motor Corp. The ratio of Ford’s ownership of Mazda stock has been reduced from 33.4 percent to just over 13 percent.
Under the new agreement, Ford and Mazda will continue their ongoing joint ventures, as well as the sharing of platforms and powertrains. Ford said its nearly 30-year relationship with Mazda has been and continues to be an effective way to utilize the resources of both organizations and maximize joint synergies.
The divestiture of Ford’s shares in Mazda will be accomplished both through the sale of shares to Mazda and the sale of shares to a group of Mazda’s strategic business partners; and will net Ford approximately $540 million.