Ford sells off Mazda shares

Hard shoulder: Ford has ended 12 years of control of Mazda with the sale of a 20 per cent stake in the Japanese carmaker.

Hard shoulder:Ford has ended 12 years of control of Mazda with the sale of a 20 per cent stake in the Japanese carmaker.

Mazda, in which Ford first took a stake in 1979, said yesterday it would buy back 6.87 per cent of its own shares from Ford. Ford will raise more than $538 million (€425 million) from the sale and remain Mazda's top shareholder with a stake of just over 13 per cent.

More than 20 undisclosed business partners will purchase the remaining 13 per cent, Mazda said.

The two firms, which share vehicle platforms and engineering resources and jointly own assembly plants in the United States, Thailand and China, will keep their strategic ties.