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TOKYO - Ford Motor Co. will sell most of its remaining stake in Japanese carmaker Mazda Motor Corp., with trading house Itochu Corp. and general contractor Kajima Corp. among nearly 10 firms that will buy shares from it, Japanese media reported.
Ford, which is looking to sell its stake to gain more flexibility in its Chinese operations, concluded talks with potential buyers on Tuesday, the Nikkei business daily said.
The sale will leave it with a stake of 3 to 4 percent in Mazda, media said.
Sources told Reuters last month that Ford would sell most of its remaining 11 percent stake in Mazda and that trading house Sumitomo Corp. and other Japanese business partners of Mazda were in talks to buy the shares.
In Wednesday's report, the Nikkei said Itochu and Sumitomo will each buy a 3 percent stake for about 10 billion yen ($119.7 million).
Mazda's main lender Sumitomo Mitsui Banking Corp., which already holds a 2.9 percent stake in the carmaker, will also buy more shares, the daily said.
The rest will go to companies that do business with Mazda, such as materials and parts suppliers, the Nikkei said.
Company officials at Itochu, Kajima, Mazda and Sumitomo all declined to comment on the reports.
Mazda shares were up 3.1 percent at 231 yen by 0100 GMT on the news, outperforming the Tokyo's transport equipment which was up 0.2 percent.
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