Billionaire investor/takeovermeister Kirk Kerkorian has reacquired the 12 million shares of General Motors stock his Tracinda Corporation sold just last month. Did the mogul have a change of heart? Not exactly-- by selling off at the end of 2005, Tracinda was able to end its fiscal year showing a capital loss, which afforded them certain federal and state tax breaks.
The total value of Kerkorian's investment is equal to about 9.9-percent of the automaker's total worth. GM's shares rose 3-percent Wednesday (to $23.85) before the trade was disclosed, and it rose a further 24 cents (to $24.09) in post-close sales.
[Source: Canadian Business]