Ford Sells 20% Stake in Mazda to Raise Cash

The sale should net Ford about $540 million
By Newser Editors and Wire Services
Posted Nov 18, 2008 8:40 AM CST
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)
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(Newser) – 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.