Kerkorian May Take Control of GM

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Billionaire investor Kirk Kerkorian could seize control of General Motors Corp. easily with help from automakers Nissan and Renault, the Associated Press reports.


Kerkorian’s Tracinda Corp. owns 9.9 percent of GM’s shares. If Renault SA of France and Nissan Motor Co. of Japan each buy stakes of up to 10 percent, they collectively would be the largest shareholder and could have their way with the icon of American industry, analysts said on Wednesday.


GM is a closely held company, with six entities controlling more than 60 percent of its common stock, making it relatively easy to collect 30 percent or 32 percent of the shares, said Gerald Meyers, the former chairman of American Motors Corp. who now teaches at the University of Michigan. With about one-third of the shares, no one else would be large enough to stand in the way, Meyers said.

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