Following the announcement of a $100 million profit for the first quarter of 2008, billionaire investor Kirk Kerkorian announced today that he plans on acquiring 20 million shares of Ford saying that the company’s turnaround plan is gaining some strong traction.
A press release released by his investment firm, Tracinda Corp, Kerkorian said that he currently owns 100 million shares and has offered to increase his stake to 5.6 percent at $8.50 a share.
FoMoCo has shrunk its $12.6 billion loss to $2.7 billion and is expecting to return to full-year profits next year.
Kerkorian in 2006 made a $4.5 billion cash offer to Chrysler which was unsuccessful. He was also pushing for an alliance between GM, Nissan and Renault before the deal died. Tracinda was also the largest shareholder at the time of Chrysler’s merger with Daimler.
Source: Detroit News
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