Saturday, October 25, 2008
Ford prepares to sell Mazda stake to raise cash
Ford is close to selling its 33.4% stake in Mazda as part of a desperate race to raise cash in a further sign of the crisis gripping the American automotive industry.
Ford is off-loading about 5% of its existing stake in the Japanese carmaker to Hiroshima Bank, but is also believes to have found buyers for much of its remaining shareholding.
Ford's $11 billion cash pile is thought to be fast running out as vehicle sales slump. However, selling about 5% in Mazda will probably only raise about $200 million, according to analysts.
DATED: 25.10.08
FEED: AW
