(October 16, 2010) TOKYO  — Ford  plans to sell a majority of its stake in Mazda Motor Corp. to Sumitomo group firms and other companies with close business ties with Mazda, the Nikkei business daily reported on Friday.

Ford, the top shareholder in the Japanese automaker with 11 percent stake, is expected to reduce its interest to 3 percent or less, the daily reported.

In a statement, Ford called the report "speculation."

"Ford's ownership stake in Mazda remains unchanged," the statement said. "Ford continues to have a close strategic relationship with Mazda and we cooperate in areas of mutual benefit. We have no further comment on the speculation."

Ford held about 195 million Mazda shares, worth around 42 billion yen ($515.6 million), as of today, the Nikkei said.

Ford became Mazda's top shareholder in 1979, after buying 25 percent of its outstanding shares. The U.S. company raised its stake to 33.4 percent in 1996, gaining management control over Mazda.

Source: Reuters