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Kerkorian adds credit in Ford bid

May 24, 2008|From Times Wire Services

Billionaire investor Kirk Kerkorian added $100 million to his line of credit to finance his bid to boost his stake in Ford Motor Co., according to a government filing.

Kerkorian's Tracinda Corp. said it might borrow as much as $600 million from Bank of America Corp., up from a potential loan of $500 million.

Kerkorian has offered $8.50 a share for as many as 20 million shares of Ford's common stock, a cash offer worth as much as $170 million. If he succeeds, his stake in the automaker would rise to 5.5% from 4.7%.

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