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U.S. markets recover from steep losses
DEARBORN, Mich., May 9 (UPI) -- Billionaire Kirk Kerkorian announced a tender offer for 20 million shares of Dearborn, Mich., automaker Ford Motor Co. Friday, an official filing shows.
Kerkorian filed his offer at the Securities and Exchange Commission and placed a solicitation in The Wall Street Journal, The Detroit News reported.
The SEC filing states, "We are making the offer because we believe Ford is an attractive investment."
The statement later said Kerkorian's firm Tracinda Corp. doesn't "have a present intention … to influence control over the business of Ford."
"Depending on our continuing evaluation … we may, from time to time, propose business strategies," the filing read.
Tracinda left open the chance it may "acquire additional shares."
Kerkorian owns 100 million Ford shares and is offering $8.50 a share to bring his holdings up to 5.5 percent of the company, the News reported. The company's share price closed Friday at $8.10.
Ford responded Friday, saying it interpreted a statement made by Tracinda's chief aide Jerry York in an April 4 meeting about investing in Ford to be "an off-the-cuff remark."
The company was unaware, at the time, that Tracinda had already begun investing in Ford, the statement said.
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CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
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NEW DELHI, May 24 (UPI) --
India's state-run National Aerospace Laboratory will work with Kadet Defense Systems to develop NAL's Hansa trainer aircraft into an unmanned airial vehicle.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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