Kerkorian unloads all his GM stock

BEVERLY HILLS, Wash., Dec. 1 (UPI) -- General Motors Corp. stock was holding its value Friday, despite California investor Kirk Kerkorian selling 28 million shares of the U.S. automaker's stock.

Kerkorian's decision to unload all his GM shares appears to mark the end of his 20-month effort to push the world's largest into an alliance with Nissan and Renault, the Wall Street Journal said.

At one point, Kerkorian owned 9.9 percent of the company and had a representative, Jerry York, on the board. York said GM was moving too slowly to fix deep-seated problems like high employee costs, declining car sales and overlapping brands.

After it became clear that there would be no alliance as Kerkorian and York wanted, York resigned from the GM board.