Ford Sells 20% Stake in Mazda to Raise Cash

The sale should net Ford about $540 million

By the Associated Press

Posted Nov 18, 2008 8:40 AM CST

(AP) – Ford is slashing its stake in Mazda by nearly two-thirds, joining other struggling US automakers in a fire-sale of prized assets to stay afloat. Ford, which owns 33.4% of Mazda, will sell about a 20% stake, the companies said. The sale would net Ford $540 million based on Mazda's closing price today, barely a quarter of what it would have been worth a year ago.

Ford Motor Co. Chief Executive Alan Mulally speaks during a business group luncheon in Dearborn, Mich., Sept. 8, 2008. Ford plans to sell two-thirds of its stake in Mazda. (AP Photo/Paul Sancya, File)

A row of 2008 Mazda3 sedans sits at a Mazda dealership in Littleton, Colo., Feb. 17, 2008. Ford plans to sell two-thirds of its stake in Mazda. (AP Photo/David Zalubowski, file)

Mazda Motor Corp. President and Chief Executive Hisakazu Imaki attends a press conference in Tokyo Oct. 30, 2008. Mazda is Japan's fifth biggest automaker and an affiliate of Ford Motor Co. (AP Photo/Katsumi Kasahara)

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Ford Sells 20% Stake in Mazda to Raise Cash

The sale should net Ford about $540 million

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Ford Sells 20% Stake in Mazda to Raise Cash

The sale should net Ford about $540 million

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OTHER STORIES ON OUR RADAR

Japan • Ford • auto industry • US automakers • mazda

MOST POPULAR STORIES

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More Newser Stories

Ford Sweeps Detroit Auto Show

Automaker nabs car, truck of the year

Honda Hops on Bailout Bandwagon

Japanese automaker to seek government loans to pay for customer loans

3 Detroit Finalists Up for Car, Truck of Year

Ford, Chrysler vehicles face off against three foreign competitors

Detroit Failure Could Spark 'Economic Chaos'

Analysts warn that letting automakers sink will have impact across the economy

Auto Suppliers Panic as Detroit Collapse Nears

Owed billions by GM and Chrysler, many near failure

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