Ford have raised $540m (US) in badly-needed cash by selling most of what started as the struggling American automaker’s 33.4 percent stake in Mazda. This sale reduces Ford’s ownership of Mazda to just over 13 percent, and ends Ford’s 12-years control over Mazda. Ford first took a stake in the Japanese carmaker in 1979.
Ford say they will continue in partnership with Mazda despite the sharply reduced holdings. Mazda and more than 20 of their business partners have bought back Ford’s Mazda shares.
The two automakers will continue their joint ventures as well as the sharing of platforms and powertrains, and
Ford will remain Mazda’s largest shareholder.
As part of the ownership change, Mazda say two board members will return to Ford, while Ford executive Philip G. Spender will stay on Mazda’s board as a representative director and executive vice president.
Earlier this year, Ford sold the premium Jaguar and Land Rover brands to India’s Tata Motors Ltd., now Ford are said to be seeking a buyer for their Volvo Cars arm.