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Kerkorian builds stake in Ford, seeks more
0 Comments | AFP, April, 2008
NEW YORK (AFP) — Billionaire Kirk Kerkorian said Monday he has built a 4.7 percent stake in Ford Motor Co. and is seeking another one percent, saying the troubled automaker is making "meaningful traction in its turnaround efforts."
In a statement, Kerkorian's personal holding company Tracinda Corporation said it was seeking some 20 million share of Ford at 8.50 dollars a share -- a 13.3 percent premium over Ford's closing price Friday.
Tracinda also noted its offer represents 38.7 percent premium to the stock's price on April 2, when it began accumulating a stake in Ford.
The 90-year-old investor, who made a fortune from running and selling Las Vegas casinos, and has held big stakes in General Motors and Chrysler, appeared to express confidence in Ford...
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