Is Kirk Kerkorian At It Again With General Motors (GM)?
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With General Motors (NYSE: GM) trading at levels not seen in nearly 50 years, there is speculation that Kirk Kerkorian's Tracinda Corp is accumulating the stock again.
No one at GM or Tracinda was available to comment on the speculation.
Kerkorian dumped his large GM position in 2006 after talks about a global partnership with Nissan-Renault broke down. Tracinda was pushing for the partnership.
Kerkorian has recently built up a 6.5% stake in Ford Motors (NYSE: F).
Shares of General Motors are down 9% today after Goldman Sachs downgraded the stock to Sell, citing a bad sales outlook and concerns the company will have to raise capital, which could lead to significant shareholder dilution.
Perhaps, Kerkorian is looking to combine certain parts of General Motors and Ford's business in order to improve their respective capital structures. It is apparent GM and Ford need to do many things to right their businesses, and now Kerkorian may be looking at some sort of synergistic relationship that could benefit both companies.
General Motors Corporation is engaged in the worldwide development, production and marketing of cars, trucks and parts.
Ford Motor Company is a producer of cars and trucks.
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