Kerkorian Reduces GM Stake

0

Billionaire investor Kirk Kerkorian’s Tracinda Corp. said on Tuesday that it sold 12 million shares of General Motors Corp. in December for federal and state tax purposes.


Tracinda said it is eligible for “substantial” federal and California corporate income tax savings if it incurs a capital loss before the end of its fiscal year, and the loss will offset certain capital gains realized by Tracinda in an unrelated transaction.


The sales left Kerkorian and his investment arm with a total of 44 million shares, or a 7.8 percent stake in the automaker, down from a previous holding of a 9.9 percent investment stake with 56 million common shares. Tracinda said it sold 5 million shares for $22.02 on Dec. 15 and another 7 million shares on Dec. 19 for $20.21 per share for total proceeds of about $251.6 million, according to an SEC filing.


*

Read the full Reuters story

.

No posts to display