Kerkorian’s Tracinda Increases Stake in Ford to 6.5%
The new shares were valued at $253.8 million based on yesterday's closing price and add to 100 million shares acquired earlier. Tracinda's latest purchases include 20 million shares acquired in a tender offer that concluded last week and 20.8 million more bought since June 16, according to a U.S. regulatory filing today.
The disclosure comes two days after Ford Chief Executive Officer Alan Mulally and Chairman William Clay Ford Jr. met with Tracinda representatives to discuss the company's efforts to restore profitability.
“We continue to welcome confidence in Ford,'' said Mark Truby, a spokesman for the Dearborn, Michigan-based automaker. Tracinda spokesman Tom Johnson declined to comment beyond the filing. Tracinda said in previous filings it endorsed Mulally's efforts to end losses and diversify Ford's product lineup.
Kerkorian disclosed in late April he had acquired 100 million shares, or 4.6 percent. The purchases reported today bring his stake to 140.8 million shares. Bloomberg.com