TOKYO (Reuters) - Ford Motor Co plans to sell most of its stake in Japan's Mazda Motor Co <7261.T>, Japanese public broadcaster NHK said on Saturday, in a deal that could see the struggling U.S. automaker raise around $800 million.
Slowing auto sales and the global financial crisis have sent shares of Ford and its U.S. rival General Motors Corp
Ford Chief Executive Alan Mulally on Friday ruled out a bankruptcy filing, saying the No. 2 U.S. automaker was focused on its turnaround and managing its cash "very, very carefully" as the market slowdown in the United States spreads to Europe and Asia.
Ford, which has 33.4 percent of Mazda, plans to sell about 20 percent and has already approached Japanese companies for the sale, NHK said, adding Mazda would likely buy some of the shares.
It did not name the Japanese firms involved or specify what stage talks were in. Mazda is Japan's fifth-largest automaker by global output after Toyota <7203.T>, Honda <7267.T>, Nissan <7201.T> and Mitsubishi <7211.T>.
Mazda has a market capitalization of about 408.5 billion yen ($4.1 billion), which would value the 20 percent stake Ford plans to sell at about $800 million.
Ford, which posted an $8.7 billion net loss in the second quarter, has stepped up plans to convert some truck production in North America to build more fuel efficient cars and bring over European-designed vehicles under a global production strategy.
The automaker's U.S. sales dropped 17 percent through the first nine months of the year, in a decline led by lower sales of large trucks like its market-leading F-Series pickups.
General Motors
GM on Friday also ruled out seeking bankruptcy protection.
Ford shares dropped to their lowest in 26 years on Friday amid the global financial crisis. The stock was down 8 cents at $2.00.
Mazda officials were not immediately available for comment.
(Reporting by Taiga Uranaka; Editing by Kim Coghill)
