Kerkorian sells off another load of Ford shares originally appeared on Autoblog on Wed, 29 Oct 2008 10:01:00 EST. Please see our terms for use of feeds.

Tracinda meets with Bill and Al, talks turnaround originally appeared on Autoblog on Wed, 18 Jun 2008 10:28:00 EST. Please see our terms for use of feeds.

Kerkorian asks for 20mil Ford shares, gets offered a billion originally appeared on Autoblog on Tue, 10 Jun 2008 16:01:00 EST. Please see our terms for use of feeds.

CAW rejects, Kerkorian cozies up to UAW workers' bid for Chrysler originally appeared on Autoblog on Fri, 20 Apr 2007 17:58:00 EST. Please see our terms for use of feeds.

As 4,312 hourly Chrysler workers in Canada and the US accepted early retirement and buyout plans, Kirk Kerkorian released a statement again asserting his desire for a "true partnership" with the UAW and Chrysler management that would entail "equal sharing in the 'risks and rewards'" of a sale to his company, Tracinda. While acknowledging that a successful purchase by Tracinda couldn't (or at least, shouldn't) happen without all parties involved welcoming the deal, Kerkorian calls his plan for the company a "transformation" and claims that it takes everyone's best interests into account.

As expected, his public jump into the foray has flushed more details out from other bidders. Magna International, the parts supplier, had apparently registered a bid of $4.7 billion, and according to UAW President Ron Gettelfinger the other bidders have already approached the UAW about equity partnership. The UAW has not yet talked to Tracinda, and he made no comment about whether the union even wants to be an equity partner. With respect to all of the bidders, it is unclear how much the union would be expected to give up in wages and health care in return for just how many board seats and just much equity ownership. With new labor contract negotiations coming up, the UAW has quite a number of possible outcomes to consider.

DaimlerChrysler and its investment adviser, J.P. Morgan, will open deeper discussions with bidders next week.

[Source: Detroit News]

Chrysler's savior? Kerkorian stresses his desire to partner with the UAW originally appeared on Autoblog on Sun, 08 Apr 2007 08:07:00 EST. Please see our terms for use of feeds.

Tracinda, billionaire investor Kirk Kerkorian's company, sent two letters today, one to DaimlerChrysler's CEO Dieter Zetsche and the other to the Supervisory Board, detailing an offer of $4.5 billion in cash to buy the Chrysler Group. Kerkorian, who has been major Chrysler shareholder for more than ten years, tried to buy the company in 1995 with Lee Iaccoca but met with rejection, and following that was a factor in the DaimlerChrysler merger. Sensing a second opportunity, he has done his usual and placed himself squarely in the middle of things.

The letter to the Supervisory Board details that the offer, which would not need to be financed, would be contingent on "reaching a new satisfactory collective bargaining agreement" with the UAW, and sorting out an "equitable arrangement" with DCX on pension liabilities and health care costs. To show the seriousness of its intentions, Tracinda offered $100 million to be the exclusive negotiating partner and receive "exclusive right to conduct due diligence for 60 days." Barring any hidden surprises, if Tracinda decided not to follow through with the sale, DCX would keep $25 million. In what might be an attempt to get the UAW and Chrysler execs on its side, Tracinda points out that it would partner "with the UAW and senior management of Chrysler" and offer them "the opportunity to participate with Tracinda as equity partners in the transaction." Of course it's impossible to say what that would really mean if a sale were to occur, but at the very least it might compel the other bidders to make some sort of statement about their intentions in that regard.

[Source: Autonews]

Continue reading Kerkorian will offer up to $4.6 billion for Chrysler

Kerkorian will offer up to $4.6 billion for Chrysler originally appeared on Autoblog on Thu, 05 Apr 2007 16:33:00 EST. Please see our terms for use of feeds.

BREAKING: Kirkorian sells all GM stock originally appeared on Autoblog on Thu, 30 Nov 2006 23:34:00 EST. Please see our terms for use of feeds.

Board battle looming at GM? originally appeared on Autoblog on Tue, 10 Oct 2006 08:02:00 EST. Please see our terms for use of feeds.

BREAKING: York quits GM board, Kerkorian won't buy more GM stock originally appeared on Autoblog on Fri, 06 Oct 2006 13:09:00 EST. Please see our terms for use of feeds.

Continue reading What went wrong? Analysis of GM/Renault-Nissan talks

What went wrong? Analysis of GM/Renault-Nissan talks originally appeared on Autoblog on Wed, 04 Oct 2006 14:43:00 EST. Please see our terms for use of feeds.

Rick said it; General Motors does not need a partner to complete its recovery. According to an interview with Wagoner by Automotive News, the CEO of GM thinks 'It's not logical or responsible to say we must have a partner to recover.' GM is currently studying whether it will allow billionaire investor Kirk Kerkorian to bring the General into a permanent alliance with Nissan and Renault. Wagoner's interest in any venture, simply put, is about selling more vehicles. As for any new deal with Ford, Wagoner says "who knows?

Let's face it, Nissan and Renault are small potatoes compared to GM. Wagoner is pretty confident that they can turn around their fortunes in North America. The past three months have seen an increase in sales over last year, and GM has introduced many new vehicles and there are still many more in the channel ready to hit the road next year. And Kerkorian is really just trying to make a buck. As for the GM-Ford deal, if Wagoner says something like 'who knows?,' you better believe it's not going to happen. He's never going to come out and say, 'heck no!' Why not stoke the fire of speculation even more?

Bottom line, Rick is pretty confident that his ship is turning around. The crew at GM knows that it won't be easy sailing for the next couple years, and they are hoping the new product will put the wind in their sails (sales). We're starting to think Tracinda should have taken aim at Ford, at least Kirk could've bought more share for his money.

[Source: Automotive New (subscription required)]

Wagoner says we don't need a partner originally appeared on Autoblog on Thu, 28 Sep 2006 20:10:00 EST. Please see our terms for use of feeds.

Kirk Kerkorian may buy up to 12 million additional shares of GM stock, according to Automotive News. The billionaire investor would need approval from the Securities and Exchange Commission for the deal because it would send his company, Tracinda Corporation, well over 10 percent ownership of GM common stock.

The move supports GM's potential alliance with Renault/Nissan, a merger that Kerkorian has battled for from the beginning. Officially, Tracinda said this in the filing with the SEC:

"Tracinda continues to believe that a strong opportunity exists in a potential alliance between General Motors, Renault and Nissan and that there should be strong General Motors board involvement in the analysis of such a potential alliance, including the utilization of independent advisors."

We're interested to see what power this gives Kerkorian and right-hand man Jerry York, whom Kerkorian has placed onto GM's board of directors.

[Source: Automotive News]

BREAKING NEWS: Kerkorian may buy up more of GM originally appeared on Autoblog on Thu, 28 Sep 2006 11:55:00 EST. Please see our terms for use of feeds.

Nissan/Renault knows what it wants from GM originally appeared on Autoblog on Wed, 05 Jul 2006 09:53:00 EST. Please see our terms for use of feeds.

Breaking: Renault board approves discussions of GM-Nissan deal originally appeared on Autoblog on Mon, 03 Jul 2006 14:58:00 EST. Please see our terms for use of feeds.

Kirk Kerkorian may have found a way to get Carlos Ghosn to work for General Motors -- merge Nissan/Renault with GM.

The billionaire investor and head of Tracinda Corp., a GM shareholder to the tune of 9.9 percent, sent GM chief Rick Wagoner a letter proposing "that General Motors' Board of Directors establish a committee to immediately and fully explore, together with management, a possible opportunity to join the partnership-alliance between Renault, S.A. and Nissan Motor Co., Ltd." In a filing, Tracinda also indicated that it had been in contact with Ghosn regarding Nissan/Renault's interest in taking a minority stake in GM.

[Source: Associated Press via ABCnews.com]

Kerkorian: Merge GM with Nissan/Renault? originally appeared on Autoblog on Fri, 30 Jun 2006 11:59:00 EST. Please see our terms for use of feeds.

Retired Chrysler chairman (and Snoop Dogg homey) Lee Iacocca will be releasing a book in approximately one year, tentatively titled "Where Have All the Leaders Gone?". It's said to cover several topics, among them the state of the American auto industry and the threat that the US manufacturing economy faces from China and India.

Iacocca is said to be writing the book because he "flunked retirement" and "there is too much to be done to sit on the sidelines."  The octogenarian has not been quiet since leaving Chrysler in 1992, having attempted a $20B buyout of the automaker in 1995 (with Kirk Kerkorian and current GM board member Jerry York), along with campaigning for George W. Bush in 2000 and John Kerry in 2004.

[Source: Houston Chronicle]

Iacocca to pen new book, address auto industry originally appeared on Autoblog on Fri, 09 Jun 2006 15:01:00 EST. Please see our terms for use of feeds.

Saab and HUMMER won't be hitting the Orphan Car Show anytime soon, says Rick Wagoner. General Motors' top guy told shareholders yesterday that the company won't be taking the advice of new board member Jerry York, billionaire investor/GM stakeholder Kirk Kerkorian's right-hand man. York made waves in the industry just before he joined the board, when he gave a speech suggesting that GM axe the Saab and HUMMER brands, among other suggestions.

The news also means that York and GM management haven't managed to come to an agreement about branding strategy for the company, but it might be a good thing afterall -- HUMMER was one of the stars of April and May sales, and Saab's realignment alongside Opel might deserve a chance before the marque is cut. Of course, there's always GMC and Buick, but perhaps there are other ways to redefine these brands.

[Source: Reuters via Automotive News; Hummer; TheTruthAboutCars.com]

GM says it won't be dropping brands anytime soon originally appeared on Autoblog on Wed, 07 Jun 2006 12:03:00 EST. Please see our terms for use of feeds.