TOKYO (

TheStreet

) --

Ford

(F) - Get 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

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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