Tracinda To Expand Stake In Ford, Buy 20 Million More Shares

Kirk Kerkorian's Tracinda Corp is planning to add 20 million shares to its current pile of 100 million Ford Motor Company shares and is willing to pay $8.50 per share to do it. Trancinda made the announcement this morning to which Ford has responded with a "thanks for the vote of confidence" style statement. Seems KirkKerk is going for an automaker trifecta after past activities like buying a major portion of GM (then selling it), trying to buy all of Chrysler (and losing), and now getting into the 5.5% ownership range of Ford. Apparently falling market share but improving profit trends creates a mixed message that Tracinda is willing to stake a little coin on this quarter. [Reuters]