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. Last Updated: 07/27/2016

Ford Sells Kia Stake

SEOUL, South Korea -- Ford Motor Co. said Thursday it has sold part of its stake in South Korea's Kia Motors Corp.

"A business opportunity presented itself and we took it,'' John Spelich, a spokesman at Ford's headquarters in Dearborn, Michigan. Spelich said Ford sold a 9 percent stake in Kia early this week but still controls 8 percent in the Korean carmaker through Mazda Motor Corp. of Japan. Ford is Mazda's largest shareholder.

Spelich declined to reveal the buyer and price of the sale.

The sale came after Ford had failed to take over Kia in an international auction in October.