Ford Motor Company (F) will slash its stake in Mazda Motor Corp. 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%u2019s biggest shareholder for more than 30 years.
Italian automaker Fiat reportedly is looking to acquire a bigger stake in Chrysler Group, and may seek to sell shares in its Ferrari sports-car unit in an initial public offering to help fund the purchase, unnamed sources told the respected Italian newspaper Corriere della Sera.
Share in financial services company MBIA are up more than 10% in pre-market trading after Fairholme Capital Management, the investment firm headed by Bruce Berkowitz, disclosed that it had purchased an 11.1% stake in MBIA, the world's largest bond insurer.