As reported last week Mazda has confirmed that it is planning on buying back almost half of its own shares that were sold to FoMoCo. According to Reuters, FoMoCo will sell about 20 percent of its Mazda shares where Mazda itself will buy half and some 10 other Japanese firms will buy the other half.

FoMoCo, which currently owns 33.4 percent of Mazda, may reduce its stake to increase cash that Mulally needs. The holding is valued at $1.33 billion.

FoMoCo has lost close to $24 billion since 2005.

Source: Reuters