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TOKYO – Japan's Mazda Motor Corp. says U.S. automaker Ford Motor Co. will cut its stake in Mazda to 13 percent from 33.4 percent.
Mazda said Tuesday it would spend up to 17.9 billion yen, or $185.3 million, to buy back up to 6.87 percent of its own shares in a Wednesday morning off-hours purchase.
The rest of the stake is to be bought by a group of Mazda's business partners.
The sale would provide Ford some desperately needed cash as it awaits a decision from Washington on government aid for the auto industry.
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