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Ford slashes Mazda share

2008-11-18 11:53

Mazda announced on Tuesday that it will acquire a part of Ford's shares in its operation.

Mazda and several of its "strategic business partners" will obtain the stake via market trading.

The acquisition will see Ford's stake in Mazda dip from 33.4% to just over 13%. However, the manufacturers have agreed to continue the strategic partnership.

“The sale of Mazda shares by our partner, Ford, will not result in any change in Mazda’s strategic direction and we will continue to accelerate our product-led brand improvement and cost innovation initiatives,” says Mazda’s Chairman, president and CEO, Hisakazu Imaki.

“We will continue our strategic relationship through our ongoing joint ventures with Ford, as well as the sharing of platforms and powertrains.”
 
“This agreement allows Ford to raise capital that will help fund our product-led transformation, and at the same time, allows Ford and Mazda to continue our successful strategic relationship in the best interest of both companies,” said Ford president and CEO Alan Mulally.

As far as Ford Motor Company of Southern Africa is concerned, the company has told Wheels24 that local Ford and Mazda operations will remain unaffected by the changes.

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