FordFord Motor (F) will slash its stake in Mazda Motor to 3.5% from 11%.

The deal, which is expected to be completed Friday, will mean that Ford is no longer the top shareholder in Mazda, The Associated Press said. Ford has been Mazda's biggest shareholder for more than 30 years.

The deal will reduce Ford's stake in Mazda by 31 billion yen ($372 million), based on Mazda's current share price.

Ford said it is cutting its stake "to increase flexibility as it continues to pursue growth in key emerging markets."

The companies will continue to cooperate on joint ventures and the exchange of technology information, Ford said.

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