Ford Cuts Stake in Mazda to 3.5%

Japanese automaker Mazda says Ford is reducing its stake to 11 percent to 3.5 percent, but their partnership will continue in developing and marketing cars together.

Mazda Motor Corp. did not specify which companies were buying the shares from Ford, but it said in a statement Thursday that the buyers will be companies with which it does business.

Japanese media reports have said Mitsui Sumitomo Bank, already a major investor in Mazda, will be among the buyers as will be Japanese trading conglomerate Itochu Corp.

TOKYO (AP)