Cars
In a weekend full of surprises and bewilderment for the American auto industry, right after reports of Chrysler holding merger talks with GM hit the web, Japanese media reported Saturday that Ford Motor Company was seriously considering selling its stake in Mazda Motor Corp as part of an effort to keep itself alive amid a downturn in global auto sales and a worldwide financial crisis.
Citing unnamed inside sources, public broadcaster NHK TV reported that Ford has almost reached a final decision to sell its shares in Mazda to secure hard cash to rebuild management. NHK TV said that about 20 percentage points of Ford's 33.4 percent stake in Mazda is expected to sell for roughly 1 billion U.S. dollars. The TV report noted that Mazda was among those interested in buying the shares. -Continued
Although NHK TV's report did not include any comments from either company, The Associated Press received a statement from Mazda saying that no specific decision has been made while Ford also said it had nothing to announce and did not want to comment on speculation.
Ford had acquired a 25 percent stake in Mazda in 1979 that was raised to 33,4 percent in 1996 giving the American firm a controlling share over the Japanese automaker.
Link: NHK TV
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Cars
Breaking News: Ford Planning to Sell Mazda Shares
In a weekend full of surprises and bewilderment for the American auto industry, right after reports of Chrysler holding merger talks with GM hit the web, Japanese media reported Saturday that Ford Motor Company was seriously considering selling its stake in Mazda Motor Corp as part of an effort to keep itself alive amid a downturn in global auto sales and a worldwide financial crisis. Citing unnamed inside sources, public broadcaster NHK TV reported that Ford has almost reached a final decision to sell its shares in Mazda to secure hard cash to rebuild management. NHK TV said that about 20 percentage points of Ford's 33.4 percent stake in Mazda is expected to sell for roughly 1 billion U.S. dollars. The TV report noted that Mazda was among those interested in buying the shares. -Continued
Although NHK TV's report did not include any comments from either company, The Associated Press received a statement from Mazda saying that no specific decision has been made while Ford also said it had nothing to announce and did not want to comment on speculation.
Ford had acquired a 25 percent stake in Mazda in 1979 that was raised to 33,4 percent in 1996 giving the American firm a controlling share over the Japanese automaker.
Link: NHK TV
- Report: Mazda To Cut Ties With Ford And Stop U.s. Production By 2013
Earlier in May, we told you about a report concerning Mazda’s plans to discontinue production of its Mazda6 mid-size model at its joint-venture plant with Ford in Michigan. Today, new reports from both Japan and the U.S. are claiming that Mazda...
- Ford To Sell Off Most Of Its Remaining Mazda Stake
Even though the Ford Motor Company - Mazda Motor Corp. alliance was one of the most longstanding partnerships with many benefits for both parties, the Detroit automaker today announced plans to sell more than two-thirds of the shares it holds in the...
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As global auto sales continues to plunge, Ford Motor Company is constantly shedding its assets in a desperate attempt to raise cash. The latest development concerns the possible sale of Volvo as FoMoCo announced today that it is "reevaluating strategic...
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Following in the footsteps of GM which announced on Monday the sale of its 3% stake in Japanese carmaker Suzuki for $230m, Ford said that it will sell a portion of its ownership stake in Mazda in a desperate attempt to raise cash to survive through the...
- Gm Sells Leftover Suzuki Stake To Raise Cash
While awaiting a decision on a $25 billion U.S. government aid for the auto industry, cash-strapped General Motors decided to sell back its 3.0 percent stake in Suzuki Motor Cooperation for 22.37 billion yen or $230 million. Suzuki issued an official...