facebook
twitter
rss
account
search
search
 

Tracinda increases stake in Ford

June 19, 2008 at 2:53 PM   |   Comments

DEARBORN, Mich., June 19 (UPI) -- U.S. billionaire investor Kirk Kerkorian's Tracinda Corp. has increased its holdings in Ford Motor Co. to 6.49 percent, official filings showed.

Tracinda increased its holdings soon after completing transactions on a tender offer to buy 20 million Ford shares, which increased its ownership to 5.5 percent of the company, the Detroit Free Press reported.

The recent filing with the Securities and Exchange Commission says Tracinda has explored raising capital to help Ford with its turnaround plans.

Kerkorian and Tracinda executives met with Ford's Chief Executive Officer Alan Mulally and Executive Chairman Bill Ford two days before the filing, which also says Tracinda may propose business strategies for Ford, the newspaper reported.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
New National Security Cutter delivered to Coast Guard New National Security Cutter delivered to Coast Guard
2
First MT30 engine for Korean Navy frigates passes acceptance tests First MT30 engine for Korean Navy frigates passes acceptance tests
3
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
4
Creator of 'Honey Badger Don't Care' brand sues for trademark infringement Creator of 'Honey Badger Don't Care' brand sues for trademark infringement
5
Rheinmetall, KBR in joint venture bid for British defense entity
Trending News
Video
x
Feedback