Kerkorian to cut stake in GM

0 Comments | AFP, November, 2006

NEW YORK (AFP) — Billionaire investor Kirk Kerkorian announced he had cut his stake in General Motors after failing to engineer a global alliance of the US auto giant with the Renault-Nissan group. Kerkorian's personal holding company, Tracinda Corp. announced that it had reduced its stake in GM to 7.4 percent from 9.9 percent.

Tracinda, of which Kerkorian is the only shareholder, sold 14 million GM shares at a price of 33 dollars in a "private transaction," according to filings with the Securities and Exchange Commission. Kerkorian, 89, had at one point indicated he wanted to raise his stake in GM to 12 percent, but changed his mind in October after the GM board ended discussions with French automaker Renault and its Japanese partner Nissan. Kerkorian aide Jerry York also...