LOS ANGELES, April 28 (UPI) -- Tracinda Corp., based in Los Angeles, announced Monday it is well under way on a plan to purchase 5.6 percent of Ford Motor Co. (NYSE:F)

Tracinda, run by billionaire Kirk Kerkorian, has purchased 100 million shares of the company since April 2, the company reported in a statement. It had plans to purchase 20 million more shares for $170 million, The New York Times (NYSE:NYT) reported.

Since April 2, Tracinda has bought 4.7 percent of the Dearborn, Mich., automaker for $690 million, the report said.

The tender offer for the additional purchases, set at premium $8.50 a share -- 13 percent above its listed price Friday -- would push Tracinda's total ownership in Ford to 5.6 percent.

Tracinda said Ford "was starting to receive highly meaningful traction in its turnaround effort," last fall.

"Last week, this was reinforced by Ford's first quarter 2008 results, achieved despite the difficult U.S. economic environment," the statement said.

Ford's first quarter report posted earnings of $100 million and projected a full year of profits for 2009, the Times reported.