Ford Motor Co is in need of cash and is looking to selling some of its 33.4% stake in Mazda to raise some money, but does not want rival automakers to buy the shares, so what does it do? It approaches non-automotive manufacturer companies to see if they are interested in buying the stakes.
According to Reuters, here are a couple of companies that Ford has apparently approached so far – Denso, Tokio Marine Holdings, Mitsui Sumitomo Insurance Group Holdings, Sompo Japan Insurance, Nipponkoa Insurance, Aioi Insurance, and trading houses Sumitomo and Itochu. Even Mazda has been approached to buy back some of its own shares from Ford.
Each company has been approached to buy about 1% of Mazda, which is valued at US$40 million. Ford wants to try to raise about US1 billion from this deal.