Auto Service World
News   October 21, 2008   by Auto Service World

Kerkorian cuts Ford stake


Reuters is reporting that billionaire investor Kirk Kerkorian sold part of his 6.5 per cent stake in Ford Motor Co and could sell the rest of his stake in the No. 2 U.S. automaker, Kerkorian’s investment vehicle Tracinda Corp.
The move comes after a more than 60 per cent decline in Ford shares since Kerkorian raised his stake to 6.5 per cent in June and said he was willing to support the automaker’s turnaround with an infusion of additional capital.
Tracinda, which has invested about US$1 billion in Ford, said in regulatory filings it sold 7.3 million Ford shares on Monday in the open market for an average price of US$2.43 per share.
Tracinda intends to further reduce its holdings, including the possible sale of all of its remaining 133.5 million shares, or about a 6.09 per cent stake, depending on market conditions and available sales prices, it said.
It has contacted an investment banking firm regarding the possible sale of shares.


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