Ford May Sell Mazda Stake

Ford (F) may sell some or all of if stake in Japanese car company Mazda, the Nikkei newspaper reported. Ford owned a third of Mazda in 2008, but has cut its share in the firm to 11%. The current value of the stake is about $585 million.

"Mazda and Ford continue to enjoy a close strategic partnership and there is no change to this relationship. As before, we continue to cooperate in areas of mutual benefit. We do not comment on speculation," Mazda said in a statement.

Mazda is publicly held and may not want to prematurely discuss the news for fear of depressing its stock. Ford was more forthcoming and hinted it might use the proceeds of any sale to invest in other foreign markets. Ford carries a huge debt load of over $20 billion, which concerns many of its shareholders.