Ford sells its stake in Mazda
* Ford sells to get much-needed cash * Mazda and its suppliers buy the shares * The companies will still work together...
Cash-strapped car maker Ford has raised around $540 million (361 million) by selling most of its stake in Mazda.
Ford posted losses of $129 million (81.8 million) for the past three months and it is reported to have enough cash to survive only the next seven months if it continues to spend at its current levels.
As a result, Ford will cut its holding in Mazda from 33.4% to just over 13%. It is selling the shares back to Mazda and a group of the Japanese company's strategic business partners.
However, Ford will keep a seat on the manufacturers board of directors.
The two companies will also continue to share engine and chassis technology.
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