Ford Inside News banner

1 - 3 of 3 Posts

·
Registered
Joined
·
4,679 Posts
Discussion Starter #1
Automotive News

Kerkorian cuts Ford stake; could sell all shares

OCTOBER 21, 2008 - 9:00 AM ET


DETROIT (Reuters) -- Billionaire investor Kirk Kerkorian sold part of his 6.5 percent stake in Ford Motor Co. and could sell the rest of his stake in the automaker, Kerkorian's investment vehicle Tracinda Corp. said today.

The move comes after a more than 60 percent decline in Ford shares since Kerkorian raised his stake to 6.5 percent in June and said he was willing to support the automaker's turnaround with an infusion of additional capital.

Tracinda, which has invested about $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 $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 percent stake, depending on market conditions and available sales prices, it said.

It has contacted an investment banking firm regarding the possible sale of shares.

Kerkorian's offer of additional capital had been widely seen as a boost to Ford at a time when the automaker and its Detroit-based rivals face increasing scrutiny over their ability to ride out a sharp downturn in U.S. auto sales.

PRESS RELEASE: Tracinda to Focus on Gaming & Hospitality and Oil & Gas Industries and Reduce Ford Holdings

LOS ANGELES -- October 21, 2008

Tracinda Corporation today announced that in light of current economic and market conditions, it sees unique value in the gaming and hospitality and oil and gas industries and has, therefore, decided to reallocate its resources and to focus on those industries.

Accordingly, Tracinda stated that on October 20, 2008, it sold 7.3 million shares of the common stock of Ford Motor Company (NYSE: F) in the open market for an average price of $2.43 per share, before commissions. Tracinda also stated that it intends to further reduce its holdings of Ford common stock, including the possible sale of all of its remaining 133,500,000 shares (approximately 6.09% of the outstanding shares), depending upon market conditions and available sales prices, and that it has contacted an investment banking firm regarding the possible sale of such shares.

LINK

******************

And there goes GM's hope to lay its "hand" on Ford, NSAP dixit.
 

·
Content Admin
Joined
·
950 Posts
Jerry York lied to him, or perhaps its just a sell off for a tax write off on loss only to buy again come January
 
1 - 3 of 3 Posts
Top