Ford in Talks on Sale of Mazda Shares
Tokyo, Oct. 11 (Jiji Press)–Major U.S. automaker Ford Motor Co. plans to sell some of its shareholdings in Mazda Motor Corp. of Japan and is holding talks with potential buyers, informed sources said Saturday.
Ford’s management is in a very severe state due to weak vehicle sales and a sharp fall in its stock price below 2 dollars amid the global credit crisis.
Ford, the top shareholder of Mazda with a 33 pct stake, apparently aims to raise funds by cashing in some of its Mazda shares.
Mazda is likely to cooperate with Ford by buying back own shares.
Mazda said in a statement, “Nothing has been decided.”END
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