egmCarTech

Kirk Kerkorian’s Tracinda Corp. announced today that it will reduce its share by 6.5 percent in FoMoCo and may eventually sell the rest of its stake in the Detroit automaker. Tracinda said that it will focus more in the gaming and hospitality and oil and gas industries where it sees more value.

Tracinda sold 7.3 million shares of its common stock in FoMoCo for an average price of $2.43. The company also said that it intends on reducing its shares further including the possibility of selling all of its remaining 133,500,000 shares, or 6.09 percent. That decision will be made on market conditions and available prices.

Tracinda has invested about $1 billion in Ford.

Related Posts:

1. Ford offering 300 million shares of common stock to raise cash
2. Kerkorian sells all of his Ford shares
3. Kerkorian sells 26.4 million Ford shares, reduces holding to 4.9%
4. Bill Ford sells 1 million of his FoMoCo shares
5. Kirk Kerkorian offers acquire 20 million shares of Ford