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Kerkorian seeks to raise GM stake

LAS VEGAS, Sept. 21 (UPI) -- Las Vegas billionaire Kirk Kerkorian has told U.S. regulators he wants to boost his stake in General Motors Corp. to 9.9 percent.

Tracinda Corp., Kerkorian's investment company, currently holds an approximate 9.5-percent stake in the No. 1 automaker.

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Tracinda said in its Securities and Exchange Commission filing it does "not have a present intent to acquire or influence control over the business of General Motors."

However, Tracinda said it "may engage in discussions with General Motors concerning possible representation on its board of directors."

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