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Billionaire investor Kirk Kerkorian on Thursday, June 19, said he could
propose strategies to help turn around Ford Motor Co. and might be
willing to support the automaker with "an infusion of additional
capital."
The comments came in a regulatory filing in which Kerkorian's Tracinda Corp. said it has completed its previously-announced tender to buy 20 million Ford shares, boosting the investor's stake to 140,800,000 shares, or 6.49% of the total outstanding. The purchase was financed in part through a $600 million credit line provided by Bank of America Corp.
The investor has publicly praised Ford CEO Alan Mulally and his turnaround plan, and the two reportedly met earlier this week to discuss long-term plans. Ford shareholders have been on a roller coaster ride of late. Shares of the automaker traded above $7 apiece when Tracinda's tender offer was made public in April, buoyed by a surprise first quarter profit and signs that the long-struggling automaker was making progress in its turnaround effort. But the company's stock price, and its fortunes, have diminished since. The automaker on May 22 backed away from its stated goal to be profitable in 2009, saying a slowdown in vehicle sales coupled with a move by consumers away from big-ticket trucks and SUVs was weighing on its restructuring. -- Lou Whiteman See full story on TheDeal.com See related: Kerkorian may push for more divestitures at Ford See related: Will Kerkorian ultimately sting Ford's Mulally? Categories Deal Video
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