TOKYO (AP) – Mazda spent 17.8 billion yen ($184 million) to buy back 6.8 percent of its own shares from cash-hungry Ford Motor Co., the Japanese automaker said Wednesday.

The move comes a day after Ford said it’s slashing its stake in Mazda from an earlier 33.4 percent to 13.8 percent. That would still make Ford the top shareholder in Mazda, with which it has had a partnership for nearly 30 years.
The sale would give Ford 52 billion yen ($540 million) based on Mazda’s closing stock price Tuesday of 184 yen, or $1.90 — barely a quarter of what it was worth one year ago.
The move comes amid growing losses at America’s major automakers, which are pleading with Washington for an emergency $25 billion bailout loan from the U.S. government to get through the economic slump.
On Monday, GM said it would sell its remaining 3.02 percent stake in Japan’s Suzuki Motor Corp. for 22.37 billion yen ($230 million).
Mazda Motor Corp., which makes the RX-8 sports car and Miata roadster, bought 96.8 million shares at 184 yen ($1.90) a share, the Hiroshima-based company said. The shares rose in morning trading but then dipped 1 percent Wednesday to 182 yen.
Ford racked up losses of $8.7 billion in the second quarter, its worst result ever, and has used up $11 billion of a cash stockpile in the past year.
Ford formed a capital alliance with Mazda in 1979, taking a 25 percent stake. That was raised to 33.4 percent in 1996, a controlling share in Japan.
Over the last decade, Ford helped engineer a turnaround at once-struggling Mazda, sending executives and sharing technology and auto parts to cut costs. Ford and Mazda have said they will maintain their strategic relationship.
Mazda has not given the identities of the other buyers. But Japanese media reports have listed Hiroshima Bank, auto parts maker Denso Corp. and trading houses as potential buyers.
Although Japanese automakers have also been hit by the global slump, especially the slowdown in the key U.S. auto market, they have fared relatively better than their U.S. rivals because of their reputation for making smaller, fuel-efficient models.
Mazda is expecting net profit to fall to 50 billion yen ($518 million) for the fiscal year ending March 2009.