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Kerkorian Raises His GM Stake to 9.9%

October 13, 2005|From Bloomberg News

Kirk Kerkorian, the billionaire who launched a failed takeover of Chrysler Corp. a decade ago, raised his stake in General Motors Corp. to 9.9%.

Kerkorian's Tracinda Corp. on Tuesday paid $57 million for 2.1 million shares to bring his total in the world's largest automaker to 56 million shares, according to a regulatory filing.

Tracinda is increasing its GM investment as the automaker reported first-half losses of $1.39 billion.

GM shares rose 28 cents to $26.70.

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