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Ford sells Mazda stake to raise cash

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Ford sells Mazda stake to raise cash

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Cash strapped US car maker Ford is selling a big part of stake in Japan’s Mazda. Ford will cut its holding from 34 percent to just over 13 percent. It will raise 425 million euros with the sale. Mazda will buy back some of the shares and the rest are being sold to over 20 business partners. 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.