Wednesday, Jul 27, 2016
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Automotive

Kerkorian interested in 12M more GM shares

DETROIT General Motors Corp. dissident shareholder Kirk Kerkorian s Tracinda Corp. has told GM it is interested in acquiring up to 12 million more shares of the automaker, which would give it more than a 10 percent stake.

Tracinda already owns 56 million shares, or 9.9 percent of the company s common stock. Going over 10 percent would require a number of regulatory approvals, Tracinda said, because GM owns banking and insurance interests.

Tracinda said in a Securities and Exchange Commission filing that it also still supports a three-way alliance between GM and automakers Renault SA of French and Nissan Motor Co. Ltd. of Japan.

We are seeking the cooperation and support of the Company and its management in connection with these filings and any related proceedings, as we believe additional investment by Tracinda in GM would be viewed positively by investors, and your support will maximize the likelihood of obtaining regulatory approval, the filing said.

Read more in later editions of The Blade and toledoblade.com.

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