WSJ: Kerkorian Sold Entire Stake In GM...
Reuters November 30, 2006 09:23 PM
Billionaire investor Kirk Kerkorian's investment firm on Thursday said it had cut its stake in General Motors Corp.(GM.N) by half with a second large sale, prompting speculation about whether the activist investor had moved to sell his entire stake in the automaker.
In a regulatory filing with the Securities and Exchange Commission, Tracinda Corp. said it had agreed to sell 14 million shares in a private transaction for $28.75 a share, cutting Kerkorian's stake in the automaker to 4.95 percent -- half of what he had owned earlier this year.
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Billionaire investor Kirk Kerkorian's investment firm on Thursday said it had cut its stake in General Motors Corp.(GM.N) by half with a second large sale, prompting speculation about whether the activist investor had moved to sell his entire stake in the automaker.
In a regulatory filing with the Securities and Exchange Commission, Tracinda Corp. said it had agreed to sell 14 million shares in a private transaction for $28.75 a share, cutting Kerkorian's stake in the automaker to 4.95 percent -- half of what he had owned earlier this year.
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