Ford(F Quote) is considering selling its controlling stake in Japanese automaker Mazda, according to a published media report.
It wasn't clear how much of the 33.4% stake Ford was thinking of putting up for sale, said the report, published Saturday on The Wall Street Journal's Web site. But the anonymous source cited by the report said Ford is considering a broad range of asset sales as it prepares to announce third-quarter results later this month. The Detroit automaker is expected to report substantial losses and is facing questions about its cash position, the report noted.
A spokesperson for Ford Asia Pacific declined to comment, while Mazda reportedly said it was not aware of any plans by Ford to sell its stake, according to the report.
Ford acquired a 25% stake in Mazda in 1979 and upped that share to 33.4% in 1996, when Mazda was having problems, the report noted. ...
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