Tokyo-based bank to replace Ford as Mazda’s largest shareholder

Mazda Shinari Concept

Reports coming out of Japan on Friday said that Ford Motor Co. will reduce its stake in Mazda from the current 11 percent to 3 percent. The Dearborn automaker denied the reports saying “Ford continues to have a close strategic relationship with Mazda and we cooperate in areas of mutual benefit.”

Sumitomo Mitsui Financial Group Inc’s, a Tokyo-based bank, chairman has confirmed that his company will soon overtake Ford as the largest shareholder in Mazda. Masayuki Oku, chairman of Sumitomo Mitsui, said that the company will become the leading shareholder in Mazda by the end of 2010.

Sumitomo Mitsui currently owns 2.9 percent of Mazda.

– By: Omar Rana

Source: Bloomberg