Black Friday Comes Early For Kerkorian: Corporate Raider Cuts GM Holdings

This image was lost some time after publication, but you can still view it here.
This image was lost some time after publication, but you can still view it here.

First he tried to align the General with Renault-Nissan, next he said he wasn't going to be buying any more stock — worrying the General's brass that a proxy fight was in the works — and now he's decided the thought of a proxy battle's just not going to solve anything. The man with the big wad of cash just announced two days before the biggest shopping day of the year that a decent chunk of his shares will be up for sale as well. KirkKerk filed a regulatory whatever to tell the world he'll be selling 14 million shares of stock in the General — dropping his stake in the Detroit-based automaker from 9.9% to 7.4%. No coincidence we're assuming with the fact that his company, Tracinda, also announced plans to offer $55 a share in cash for 15 million shares of MGM Mirage Inc. — looks like somebody needed to pay for a little stock purchase.

Kerkorian to cut GM stake from 9.9% to 7.4% [Freep]

Related:
More on Kirk Kerkorian [internal]

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