Ford Sells Kia Stake After Hyundai Takeover

Ford Motor Co., the world’s second-largest auto maker, said it sold its 9.4% stake in bankrupt Kia Motors Corp., which was taken over this month by rival Hyundai Motor Co. Ford was Kia’s largest shareholder, with a stake it valued in October at $110 million. Hyundai, South Korea’s biggest auto maker, outbid Ford and other companies for control of Kia in October and later asked Ford to consider additional investments. Wednesday’s sale made such investments less likely. “If an opportunity presents itself that’s a strategic fit, at the right price, it would have to be looked at,” Ford spokesman John Spelich said. Ford shares rose $2.50 to close at $58.38 on the NYSE.