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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]

10:00 AM on Mon Apr 28 2008
By Ben Wojdyla
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12 comments

Comments

mziskin at 10:21 AM on 04/28/08
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he looks like a turtle. look at those turtle lips.
POLAЯZSMAЯTAMINO at 10:28 AM on 04/28/08
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Connectedness Index: 592
Brought to you by Acura TSX

He bares a striking resemblance to the 2009 Ford Super Droopy.
Ash78 at 10:31 AM on 04/28/08
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Connectedness Index: 195
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Maybe he'd be better off just getting a job there, then getting laid off as quickly as possible.

ROI FTW!
DannyBN at 10:33 AM on 04/28/08
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THIS JUST IN: Ford cancels annual employee holiday roast beast giveaway.
bmoredlj at 10:38 AM on 04/28/08
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Yo Kirk, mind helpin' me out? I got a big future ahead of me, but 60 large in student loans. You got that much in your tuxedo pants, no?
Feds at 10:41 AM on 04/28/08
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Fat lot of not-good for ford. Kirky just wants to run an automaker, but his bungling of the Chrysler deal shows he has no idea how to do it.

If he does get his fuzzy-tipped fingers into ford, expect the current focus to be redesigned to incorporate Sych-Vista somewhere around 2045. Unless, of course, his heart grows 3 sizes and breaks the gauge... or stops beating altogether.
egsmachine at 10:43 AM on 04/28/08
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I thought he looked like Dr Zavius from planet of the apes.
SundaySunday at 11:01 AM on 04/28/08
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I'm skeptical that this deal would go through, and I think Iacocca is no longer with Tracinda. However, my inital reaction to this news was how strange it would be to have Lee return to Ford. Oh well, the guy's gotta be 105 years old now anyway.
htrodblder at 11:09 AM on 04/28/08
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Isnt he like the Carroll Shelby of finance?
kingedwin at 11:09 AM on 04/28/08
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Maybe next year he'll announce that he'll be investing in Zap electric cars.
OldeEnglishD at 11:23 AM on 04/28/08
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When this fails, he can buy controlling interest in Matchbox
FreeMan at 11:26 AM on 04/28/08
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@DannyBN: dang! beat me to it!

This just in... The Grinch stole Ford! Details at 11.