facebook
twitter
search
search

Kerkorian's GM bid looms over shareholders

June 4, 2005 at 8:38 PM

DETROIT, June 4 (UPI) -- Kirk Kerkorian's bid to buy shares of General Motors ends the same day as the car company's shareholder meeting in Wilmington, Del.

Although a lawyer for Kerkorian has said his client intends to be a passive investor holding shares only for investment purposes.

However, GM's bylaws lack many corporate defensive measures that would prevent Kerkorian from forcing his own candidates on the company's board of directors, according to a report by analyst Brian Johnson of Sanford Bernstein.

However, Kerkorian's plans may divert attention from GM's 12.6 percent drop in May in U.S. vehicle sales that has resulted in vehicle production in North America being cut by 10 percent or 100,000 cars and trucks, reported the Detroit Free Press Saturday.

Related UPI Stories
Latest Headlines
Trending Stories
Ted Cruz campaign pulls ad featuring softcore porn actress
Report: Clinton Foundation subpoenaed by State Dept. watchdog over charity projects
Ruby Rose, Gigi Hadid react to Kanye West's lyric about Taylor Swift
Kristen Wiig impersonates Peyton Manning on 'The Tonight Show'
NYC police officer found guilty of manslaughter in Brooklyn stairway shooting