Kerkorian Cuts Ford Stake

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Los Angeles billionaire investor Kirk Kerkorian lowered his stake in Ford Motor Co to 6.1 percent and said he could sell the remainder of his shares in the No. 2 U.S. automaker.

The move comes after a more than 60 percent decline in Ford shares since Kerkorian raised his stake to 6.5 percent in June and said he was willing to support the automaker’s turnaround with an infusion of additional capital.

Kerkorian’s investment vehicle Tracinda Corp said on Tuesday it was reallocating its resources to focus on gaming, hospitality, oil and gas industries where it sees value in light of current economic and market conditions.




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