Mazda Says Ford to Cut Stake to 13%

Updated from 5:10 a.m. EST

TOKYO (AP) -- Japan's Mazda Motor says U.S. automaker Ford Motor (F Quote) will cut its stake in Mazda to 13% from 33.4%.

Mazda said Tuesday it would spend up to 17.9 billion yen, or $185.3 million, to buy back up to 6.87% of its own shares in a Wednesday morning off-hours purchase.

The rest of the stake is to be bought by a group of Mazda's business partners. The company was mum on the identities of the other buyers, but media reports mentioned Japanese companies including regional Hiroshima Bank, trading houses Sumitomo and Itochu, insurance firms including Tokio Marine as well as auto parts maker Denso, as purchasers. ...