Just four months ago, Kirk Kerkorian had a cup out and was asking passers-by for some spare Ford shares. Although he only wanted 20 million of them, he was offered one billion. Turns out those folks trying to get out of the Ford ownership business might have been a bit more prescient than the Tracinda billionaire. After a couple more weeks of watching Ford's share price begin digging toward the center of the earth, Kerkorian seems to want out of Ford himself.
Back in April, Kirk Kerkorian claimed he wanted to buy an extra 20 million shares of Ford Motor Co. That would have given him a total of 120 million shares and 5.6% of the Dearborn-based automaker. We learn today that Kerkorian took advantage of the demand for his offer of $8.50 per share and bought more than twice the amount of shares he originally intended. Tracinda Corp., Kerkorian's investment company, now owns 140.8 million shares of FoMoCo and a 6.49% stake in the automaker. He also now ha
Despite the rumors of contentiousness surrounding Kirk Kerkorian's Tracinda Corporation and its agitation in Dearborn, Ford reports that a recent talk between Executive Chairman Bill Ford Jr., CEO Alan Mulally, and the investment firm were informal and positive. Never a shrinking violet, 91-year-old Kirk Kerkorian has held large stakes of each of the Detroit 3 in the past. Tracinda's most recent foray into Ford's stock coincides with a shift by the Blue Oval away from its historically strong gro
There's no indication that a leopard has ever changed its spots, so while Kirk Kerkorian and his Tracinda Corporation are making noises like they'll strive to be hands-off Ford shareholders, we'd expect some eventual attempts at steering the automaker from the board. As part of an offer to purchase more shares, Tracinda Corp. stated to the Securities and Exchange Commission that it has no intent to gobble up or influence Ford. The Las Vegas-based investment firm went on to say that it will conti
Kirk Kerkorian's associate Jerry York stated last Thursday that Ford would do well to sell Volvo and extinguish Mercury. Coincidentally (or not) Ford's stock zoomed up to one of the highest price levels it's seen in the last six months. Tracinda Corporation, Kerkorian's firm, has expressed faith in Mulally's leadership and his plan to strengthen the automaker. There has been speculation about a sale of Volvo in the past, and punditry has been begging the Blue Oval to do something with Mercury, o
The auto industry's old friend Kirk Kerkorian is back on the scene, and this time he has his sights set on Ford. In a press release issued today, Kerkorian's company Tracinda Corp. announced that it intends to buy 20 million shares of FoMoCo at $8.50 per share, which is a 13% premium over the $7.50/share at which Ford's stock closed on Friday. This would up Tracinda's ownership of Ford from 100 million shares at 4.7% to 120 million at 5.6%. In its press release, Tracinda expressed confidence in
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,
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.
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.
In its report on first-quarter worldwide sales, General Motors made a point of highlighting the success of HUMMER and Saab as part of its 4.4 percent growth overall. The two brands have attracted criticism in recent months, notably from board member Jerry York who suggested in January that the company dump both marques.
Tracinda's Jerry York appears to have changed his tune about what General Motors needs to do in order to get back on track, according to Bob Lutz. Kirk Kerkorian's right-hand man made headlines in January, calling for GM to axe Saab and possibly HUMMER to focus on the automaker's core brands... but now, Lutz says, York acknowledges that he spoke too soon.
- Most and least efficient car companies
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models