Media reports in Japan indicate that most of Ford Motor Co.’s remaining stake in Mazda Motor Corp. will be sold to trading house Itochu Corp. and general contractor Kajima Corp.
These two companies are included in the nearly 10 firms that will purchase shares. According to a report from the Nikkei business daily, talks with potential buyers were concluded last Tuesday.
Ford is seeking to sell its stake to achieve more flexibility in its Chinese operations.
Media said further that the sale will leave it with a stake of 3 to 4% in Mazda. Last month, sources disclosed that Ford will sell most of its remaining 11% stake in Mazda and that talks were ongoing with potential buyers, including trading house Sumitomo Corp. and other Japanese business partners of Mazda.
In Nikkei’s latest report, Itochu and Sumitomo will each purchase a 3% stake for about 10 billion yen ($119.7 million). Meanwhile, Mazda's main lender Sumitomo Mitsui Banking Corp., which already holds a 2.9% stake, is expected to buy more shares.
The Nikkei said that the other shares will go to companies that do business with Mazda, including materials and parts suppliers. [via autonews - sub. required]