Ford Motor Co. today announces it has trimmed its stake in Mazda Motor Corp. from 11% to 3.5%.
Following the transaction, due to conclude Friday, Ford will continue to be one of Mazda's largest shareholders.
Ford’s 7.5% stake will be transferred to Mazda's business partners via off-auction trading through the Tokyo Stock Exchange, Mazda says in a statement.
Neither auto maker discloses how much Ford will earn from the transaction.
Both auto makers say the sale will not affect their 30-plus-year partnership, and collaboration in “areas of mutual benefits such as key joint ventures and exchange of technology information” will continue.
Ford in a statement says its decision to reduce its stake in Mazda allows the U.S. auto maker to “increase flexibility as it continues to pursue growth in key emerging markets.”
The two auto makers currently participate in JVs in several markets, including Thailand, China and the U.S.