Tokyo (AP) Japan's Mazda Motor Corp. says U.S. automaker Ford Motor Co. will cut its stake in Mazda to 13 percent from 33.4 percent.
Mazda said Tuesday it would spend up to 17.9 billion yen, or $185.3 million, to buy back up to 6.87 percent of its own shares in a Wednesday morning off-hours purchase.
The rest of the stake is to be bought by a group of Mazda's business partners.
The sale would provide Ford some desperately needed cash as it awaits a decision from Washington on government aid for the auto industry.
KKCO firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKCO 11News.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.