Ford And Mazda To Sign Divorce Papers Tomorrow
Mazda is passing the hat around to collect the money to buy out most of Ford’s remaining share, and what looks like half of Japan is chipping in. As many as 10 firms will purchase the Mazda shares that are still held by Ford, says The Nikkei [sub]. Ford plans to cut its 11 percent stake in Mazda to a symbolic 3 percent.
The future Mazda stockholders run the gamut of the Japanese industry: Itochu Corp., Kajima Corp., Mitsui O.S.K. Lines Ltd., and Sumitomo Metal Industries Ltd. will make their contributions. Several Mazda suppliers are also among the likely buyers. The biggest buy will be made by Sumitomo Mitsui Banking Corp. and Sumitomo Corp. There will be no new stockholders, all buyers are existing shareholders that will round out their Mazda holdings.
Ford once owned 33.4 percent of Mazda. They reduced their holdings to 13 percent in 2008, when money was tight. That stake was further diluted to about 11 percent by Mazda issuing shares.
The stock sale is expected to become official on Thursday. Once it is completed, Sumitomo Mitsui Banking will become Mazda’s top shareholder, with a stake of only 4 percent. Ford’s 11 percent share is valued at around $500m. See, if we would make a collection at TTAC, we could easily end up as Mazda’s biggest shareholder. Anybody got $250m?