Ford said to cut stake in Mazda

• Source: Shanghai Daily
• [10:11 November 18 2010]
• Comments

United States auto maker Ford Motor Co will reduce its 11 percent stake in Mazda to about 3 percent this week by selling the shares to Japanese companies, Japan's top business daily, The Nikkei, reported Wednesday.

Without citing any sources, the Nikkei said Tokyo-based trading conglomerate Itochu Corp is among about 10 Japanese companies buying Mazda shares from Ford. It said Itochu and another trading firm will buy about 3 percent of Mazda for 10 billion yen ($120 million).

Hiroshima-based Mazda Motor Corp said Wednesday's Nikkei report was not based on anything it had said. Any decision would be announced at the right time, it said.

Ford Japan had no comment.

The Nikkei said Mitsui Sumitomo Bank, already an investor in Mazda, will buy additional shares.

Last month, Mazda President and CEO Takashi Yamanouchi expressed hopes the partnership with Ford will continue.

They have been working to develop models, share auto parts and help each other in overseas markets.