Kirk Kerkorian Sells Ford Shares

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Billionaire US investor Kirk Kerkorian announced via his holding company Tracinda on Tuesday that he had begun selling shares in car group Ford and was considering divesting his whole stake. In a sharp change of strategy, Tracinda said it had sold 7.3 million shares in Ford for an average price of 2.43 dollars per share  representing a huge loss for the 91-year-old investor. Tracinda said it has hired an investment bank to help it with the divestment, but did not name the firm. In two major operations announced in April and June, Tracinda built a position in Ford, paying 8.50 dollars a share.

In a statement Tuesday, Mr. Kirk Kerkorian investment vehicle Tracinda Corporation sold, said Monday that at 7.3m shares of Ford common shares at an average rate of 2.43 per dollar, and intend to continue reducing the number of its shares in the stock, including a possible sale of all its other actions.

Tracinda said it was still in possession of shares of Ford 133.5m, on 6 / 06 percent of automobile traffic troubled company’s shares.

Mr. Kirk Kerkorian has decided its participation in Ford in April on the heels of the promotion during the first quarter financial results for the number two Detroit automakers. He said at the time that Ford’s management was the starting point for achieving very good traction in its recovery efforts. ” [from any source]