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BUSINESS BRIEFING / AUTOS

Kerkorian slashes his stake in Ford

October 29, 2008|Times Wire Reports

Billionaire Kirk Kerkorian sold 26.4 million more Ford Motor Co. shares as he unwinds a $995-million investment in the second-largest U.S. automaker to focus on gambling, hotels and energy.

Kerkorian, 91, reduced his holdings to 107.1 million shares, or 4.89%, his Tracinda Corp. said in a regulatory filing. The sales occurred Oct. 21 through Monday at an average of $2.01 a share, Tracinda said.

The investor last week reversed course on Ford less than six months after expressing confidence in Chief Executive Alan Mulally's turnaround efforts. The Dearborn, Mich.-based company's share price has tumbled 68% this year as high gasoline prices and the credit crunch have pinched U.S. auto sales.

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