17 Articles
Kerkorian unloads rest of Ford stock

Back in June, Kirk Kerkorian, billionaire investor and auto industry meddler, bought up 140.8 million shares in Ford Motor Company at $8.50 a pop, gaining a 6.49% stake in the automaker and becoming the largest single shareholder outside of the Ford family. By October, FoMoCo stock was hovering around $2.50 a share and Kerkorian's investment firm, Tracinda Corp., decided that it was Damon Lavrinc

Kerkorian sells off another load of Ford shares

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 to

Kerkorian begins unloading Ford stock

Kirk Kerkorian and his investment firm Tracinda Corp. made waves last summer by increasing their stake in Ford Motor Company by some 40 million shares to a total of 140.8 million shares, which accounted for 6.49% of the automaker and made the billionaire the largest single shareholder outside the Ford family itself. At the time Tracinda made the purchase, Ford stock was going for $8.50 per share. The comp

Kerkorian buys more of Ford than planned

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 invest

Kerkorian asks for 20mil Ford shares, gets offered a billion

In late April, billionaire investor Kirk Kerkorian made public his intention to have Tracindo Corp., his investment company, buy up an additional 20 million shares of Ford stock to up his ownership of the Blue Oval from 4.7% to 5.6%. He offered $8.50/share, which at the time was a small premium over Ford's share price of $7.50 and today is a big premium over its current price of $6.16/share. H

Kerkorian not likely to be hands-off Ford investor

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

Ford stock up thanks to Kerkorian, Volvo remains "not for sale"

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

Kerkorian's boy says Ford should offload Mercury, Volvo

Every villain needs a sidekick, and if there were ever a villain character in the soap opera that is the North American auto industry, it's 91-year-old billionaire Kirk Kerkorian who recently revealed that his private holding company, Tracinda Corp., was buying up Ford stock like he knew something the rest of us didn't. Kerkorian's sidekick in this saga is Jerry York, an ex-auto exec who the b

Kirk Kerkorian to up ownership in Ford to 5.6 percent

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

Cerberus may be only serious bidder for Chrysler

Less than a week ago, we brought you a report saying Magna is the only serious bidder for Chrysler and that Cerberus was brought in to make it look like more parties were interested in buying. According to the Associated Press, if the plan was to throw reporters off the scent, it worked. The Detroit News and the Wall Street Journal both reported that private equity firm Chris Tutor

April showers could bring May sale of Chrysler

Last week we told you that DaimlerChrysler's Rüdiger Grube was heading to New York to visit with potential suitors for the Chrysler Group. And it appears he was a man on a mission. It seems that a close source has told news outlets that a sale could be wrapped up by as early as May. Although talks are ongoing and nothing is definite, it looks like at least one of the bidders has met the company's expectations in principle. Those bidders included Blackstone Group, Centerbridge Capital Partne

CAW rejects, Kerkorian cozies up to UAW workers' bid for Chrysler

We just reported that a group of Chrysler employees in Toledo are crafting a proposal that would have the automaker's 50,000 UAW workers buy a controlling stake in the automaker. The proposed worker buyout offer is already stirring up a reaction among the major players involved in the potential sale of the Chrysler Group. Buzz Hargrove, president of the Canadian Auto Workers union, told

DaimlerChrysler ignoring Kerkorian bid?

Is DaimlerChrysler deliberately snubbing Kirk Kerkorian? Word has it the company is sending one of its top executives to New York to meet with potential buyers, but Kirk isn't on the list. Kerkorian, as you may know, has already made a $4.5 billion offer for Chrysler.

Kerkorian cuts stake in General Motors

Billionaire investor Kirk Kerkorian announced today that his investment firm Tracinda Corp. had cut its stake in General Motors from 9.9% to 7.4% by selling $462 million worth of the automaker's stock. That amounts to a sell off of 14 million shares at $33 per share.

BREAKING: York quits GM board, Kerkorian won't buy more GM stock

"Screw you guys, I'm going home." A phrase made famous by Cartman from South Park but one that we find so apt for news coming out of General Motors this afternoon. Royally irked over the ending of alliance talks with Renault/Nissan, billionaire investor Kirk Kerkorian has announced that he won't buy an additional 12 million shares of GM stoc

Nissan responds to GM alliance talk

Here's Nissan's official response to the flurry of speculation caused by Tracinda Corp., Kirk Kerkorian's investment company, when it sent a letter to General Motors suggesting the automaker immediately explore joining Nissan and Renault's alliance.

Jerry York: Saab, Hummer good for GM after all

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.