Mazda Buys Back 6.8% of Shares From Ford

By Yuri Kageyama

TOKYO -- Mazda spent 17.8 billion yen ($184 million) to buy back 6.8% of its own shares from cash-hungry Ford(F Quote), the Japanese automaker said Wednesday.

The move comes a day after Ford said it's slashing its stake in Mazda to 13.8% from 33.4%. That would still make Ford the top shareholder in Mazda, with which it has had a partnership for nearly 30 years.

The sale would give Ford 52 billion yen ($540 million) based on Mazda's closing stock price Tuesday of 184 yen, or $1.90 -- barely a quarter of what it was worth one year ago. ...