Tokyo/New York - Mazda Motor Corp and other business partners plan to buy back a 20-per-cent stake of the Japanese automaker from Ford Motor Co on Wednesday, the automakers said Tuesday.
Ford will reduce its share of Mazda to 13 per cent from the current 33.4 per cent in order to raise badly needed funds. The second-largest US automaker said it hopes to raise 540 million with the sale.
Mazda was expected to purchase a 6.9 per cent stake of 96.8 million shares for 184 yen per share, worth a total of about 17.9 billion yen (185.18 million dollars), the Japanese company said. The rest of the shares are to be sold to other unidentified investors.