Ford Reportedly To Cut Mazda Stake to 3%
TOKYO (
) --
Ford
(F) - Get Ford Motor Company Report
reportedly plans to cut its stake this week in Japanese carmaker
Mazda
to 3% from 11%.
Japan's
Nikkei
newspaper reports Tokyo-based trading house
Itochu
and contactor
Kajima
would be among about 10 Japanese companies buying Mazda shares from Ford.
Mazda said the
TheStreet Recommends
Nikkei
report Wednesday wasn't based on anything it had said. Any decision would be announced at an appropriate time, Mazda said, the
Associated Press
reports.
A Ford Japan spokesman had no comment for the
AP
.
Reuters
, citing a source with knowledge of the matter, said an announcement of the change in ownership could come as early as Thursday.
Ford raised its stake in Mazda to 33.4% in 1996, but reduced it to 13% in 2008. The stake has since declined to about 11% because Mazda issued shares.
-- Written by Joseph Woelfel
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