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Kerkorian seeks 12% stake in General Motors
0 Comments | USA TODAY, September, 2006 | by James R. Healey
Billionaire investor Kirk Kerkorian plans to buy up to 12 million more shares of General Motors stock, giving him a 12% stake in the automaker and more clout to engineer the alliance he wants with France's Renault and Japan's Nissan Motor. Kerkorian's Tracinda investment company disclosed its intentions in a filing Thursday with the Securities and Exchange Commission.
It was accompanied by a letter to GM CEO Rick Wagoner "seeking the cooperation and support of the company and its management" during the regulatory approval process required for an investor to acquire more than 10%. Tracinda currently owns 9.9%. Tracinda says it will ask regulators not to impose the customary requirement that it pledge to be a passive investor. "They don't want to have their hands tied," says...
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