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Purchases - USA - Kerkorian Raises Stake in General Motors
DETROIT,Mich,USA -Daily Press/AP, by DEE-ANN DURBIN -Oct 12, 2005: -- Billionaire investor Kirk Kerkorian has increased his stake in General Motors Corp. to nearly 10 percent, according to a company filing released Wednesday... Kerkorian acquired 2.1 million shares of GM common stock on the open market Tuesday, the filing with the U.S. Securities and Exchange Commission said. The average purchase price for the shares was $26.98 per share, for a total purchase price of approximately $56 million... Tracinda is based in Beverly Hills, Calif., Kerkorian is the former owner of movie maker MGM and has a history of wrestling with automakers. He sued DaimlerChrysler AG after the merger between Chrysler Corp. and Daimler-Benz AG, saying the deal cost him millions because it wasn't a true merger of equals... Kerkorian may see GM as a prime target for a turnaround effort. The world's largest automaker, based in Detroit, watched its U.S. market share fall by 1 percent in the first nine months of this year. It lost more than $1.3 billion in the first half of this year and its credit ratings are in "junk" territory...
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