Kerkorian sells off remaining Ford shares
source: http://news.yahoo.com/s/nm/20081229/bs_nm/us_ford_kerkorian
-
-
- Katanajon
- added this
DETROIT (Reuters) – Billionaire investor Kirk Kerkorian has sold off all of his remaining shares of Ford Motor Co, a spokeswoman for his investment firm, Tracinda Corp, said on Monday.
Tracinda, which briefly ranked as Ford's largest outside investor earlier this year, said in a regulatory filing in October that it had begun working with bankers to sell the 133.5 million shares of the No. 2 U.S. automaker it still held at that time.
It was not immediately clear when Tracinda had completed those remaining sales of Ford stock.
Kerkorian's final pullout from Ford completed a costly retreat for the activist investor, who has a mixed track record with investments at all three Detroit-based automakers.
A spokesman for Ford could not immediately be reached for comment.
Kerkorian, 91, previously held a nearly 10-percent stake in General Motors Corp and made a failed bid for Chrysler LLC last year.
He surprised analysts and investors in April when he began buying Ford shares and spent over $1 billion to take a stake in Ford at an average price per share of $7.10.
At its peak, Kerkorian held a 6.5 percent stake in Ford and had offered in June to support the automaker's turnaround efforts with an infusion of additional capital.
Tracinda, which briefly ranked as Ford's largest outside investor earlier this year, said in a regulatory filing in October that it had begun working with bankers to sell the 133.5 million shares of the No. 2 U.S. automaker it still held at that time.
It was not immediately clear when Tracinda had completed those remaining sales of Ford stock.
Kerkorian's final pullout from Ford completed a costly retreat for the activist investor, who has a mixed track record with investments at all three Detroit-based automakers.
A spokesman for Ford could not immediately be reached for comment.
Kerkorian, 91, previously held a nearly 10-percent stake in General Motors Corp and made a failed bid for Chrysler LLC last year.
He surprised analysts and investors in April when he began buying Ford shares and spent over $1 billion to take a stake in Ford at an average price per share of $7.10.
At its peak, Kerkorian held a 6.5 percent stake in Ford and had offered in June to support the automaker's turnaround efforts with an infusion of additional capital.
-
- tags:
- USA, Cool, Ford, Financial Health, 1 more
-
-
Nancyf
-
Wonder who bought them.
- 3 years ago
-
Nancyf
