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

The move comes a day after Ford said it's slashing its stake in Mazda to 13.8% from 33.4%. 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, General Motors said it would sell its remaining 3.02% stake in Japan's Suzuki Motor for 22.37 billion yen ($230 million).

Mazda, 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% Wednesday to 182 yen.

Ford formed a capital alliance with Mazda in 1979, taking a 25% stake. That was raised to 33.4% 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.

BankingMyWay.com has the best rates.

—For more ways to save, spend, invest and borrow, visit MainStreet.com.