As a result, the ratio of Ford's ownership of Mazda stock will be reduced from 33.4 percent to just over 13 percent, with the new agreement allowing the two companies to continue their strategic relationship that spans nearly 30 years.
"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.
Ford's sale of the Mazda stock will be achieved through Mazda and a group of Mazda's strategic business partners each buying a portion of the shares.