Mazda denied yesterday that a decision had been made by troubled Ford Motor Co to sell its stake in the Japanese automaker but it didn’t rule out a possible deal.
Japanese media reported yesterday that Ford was considering selling its one-third stake in Hiroshima-based Mazda Motor Corp.
Public broadcaster NHK TV, without citing sources, reported that Ford would maintain some of its stake in Mazda as well as management ties.
“Nothing has been decided,” Mazda said in a statement yesterday. “Any important decision will be disclosed.”
The move, should it happen, would be a symbolic retreat for US automakers in Japan. General Motors Corp similarly sold off its stakes in Japanese automakers in recent years.
Selling shares of Mazda, which makes the RX-8 sports car and Miata roadster, would furnish Ford with cash as it tries to turn around its business.
Ford has struggled amid a drastic downturn in US auto sales, burning through nearly US$11 billion of its cash stockpile in the past year.
The Dearborn, Michigan-based automaker reported its worst-ever quarterly loss of US$8.7 billion in the second quarter. In comparison, Mazda posted a six-fold surge in profit in the April-June quarter.
Ford formed a capital alliance with Mazda in 1979, taking a 25 percent stake. That was raised to 33.4 percent in 1996 — a controlling share in Japan.
In an interview on Friday, CEO Alan Mulally denied Ford was about to run out of cash.
Mulally did not rule out asset sales as a way to raise money, but he did not refer to Mazda specifically.
“Cash is really, really important, so we are managing that very carefully,” Mulally said.
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