Kerkorian sells remaining Ford shares
12-31-2008, 05:40 AM
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Kerkorian sells remaining Ford shares
Billionaire investor Kirk Kerkorian has sold his remaining shares in Ford Motor Co., according to a spokeswoman for his investment company Tracinda Corp.
Kerkorian’s jettisoning of Ford comes just six months after Tracinda boosted its stake in the Dearborn, Michigan-based automaker to 6.49 percent. The move was announced shortly after Kerkorian met with Ford Chief Executive Alan Mulally and Executive Chairman Bill Ford to discuss the company’s turnaround plan.
In October, Tracinda reduced its stake in Ford to less than 5 percent, selling 26.4 million shares between Oct. 21 and Oct. 27 at an average price of $2.01 each, reducing its stake to about 107 million shares — or 4.89 percent.
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Kerkorian’s jettisoning of Ford comes just six months after Tracinda boosted its stake in the Dearborn, Michigan-based automaker to 6.49 percent. The move was announced shortly after Kerkorian met with Ford Chief Executive Alan Mulally and Executive Chairman Bill Ford to discuss the company’s turnaround plan.
In October, Tracinda reduced its stake in Ford to less than 5 percent, selling 26.4 million shares between Oct. 21 and Oct. 27 at an average price of $2.01 each, reducing its stake to about 107 million shares — or 4.89 percent.
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