Wed, November 17, 2010
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Ford finds buyers for Mazda stake

2010-11-17 07:54:03 GMT2010-11-17 15:54:03 (Beijing Time)

Ford Motor will sell most of its remaining stake in Japan's Mazda to 10 firms, local media reported Wednesday.

The U.S. automaker holds an 11 percent stake in Mazda, and the sale to trading house Itochu and contractor Kajima, among other companies, would leave it with a 3 to 4 percent holding.

The reports said Mazda's main bank, Sumitomo-Mitsui, will add to its current 2.9 percent stake, while Itochu and Sumitomo Corp will each buy a 3 percent stake for about $120 million.

Ford is looking to sell most if its stake to gain more financial flexibility for its Chinese operations, although earlier saying Mazda would continue to be a strategic partner.

The Japanese automaker, the most exposed to currency fluctuations due to its heavy exports, sees a near $400 million profit this year.

The Ford news lifted shares of Mazda, while most auto exporters gained on further easing in the yen against the U.S. dollar.


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