Ford cuts stake in Mazda
Ford currently holds an 11% stake, which will be reduced to 3.5%. The remaining 7.5% will be sold via off-auction trading through the Tokyo Stock Exchange to several of Mazda's business partners.
Mazda stressed that both itself and Ford have agreed to continue their strategic partnership and said 'this change in shareholding will not affect Mazda's business direction or financial projections'.
'Ford will remain one of Mazda's largest shareholders with a 3.5% stake, and both companies are committed to continuing our strategic partnership which spans over 30 years,' said Mazda's president and CEO, Takashi Yamanouchi.
In a statement, Ford added: 'Ford and Mazda will continue to cooperate in areas of mutual benefits such as key joint ventures and exchange of technology information.'