Ford not top stakeholder in Mazda

• Source: Shanghai Daily
• [10:26 November 19 2010]
• Comments

Ford is reducing its stake in Japanese auto maker Mazda to 3.5 percent from 11 percent, giving up the position of top stakeholder it has held for 31 years.

But both Mazda Motor Corp and Ford Motor Co said yesterday their partnership will continue in developing cars together and sharing technology. The stake being sold is worth about 31 billion yen ($372 million) based on Mazda's current share price.

The announcement marks a critical shift in a longtime United States-Japan auto alliance that saved a money-losing Mazda from near-bankruptcy. When Ford invested in Mazda in 1979, it was heralded as a symbol of a globalizing Japanese auto industry.

Ford said it wants to expand in fast-growing emerging markets while remaining "committed to its strategic partnership with Mazda."

They will continue to cooperate in areas such as joint ventures and technology exchange, Ford said. The transaction will be completed Friday, it said.

Mazda President and Chief Executive Takashi Yamanouchi also said the partnership remains intact.