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Kirk Kerkorian reduces his FoMoCo shares…

October 22, 2008

From the The Detroit News, 21.10.08:

FoMoCo.’s largest private shareholder – Las Vegas casino mogul Kirk Kerkorian – is cashing in his chips.

He has begun selling off his shares in the struggling Dearborn automaker at a substantial loss, according to a statement released by his Tracinda Corp. this morning.

“In light of current economic and market conditions, (Tracinda) sees unique value in the gaming and hospitality and oil and gas industries and has, therefore, decided to reallocate its resources and to focus on those industries,” Kerkorian’s company said.

In it, Tracinda said that it sold 7.3 million shares of Ford stock on Monday for an average price of $2.43 per share. Tracinda said it intends to further reduce its stake in the carmaker, including the possible sale of all of its remaining 133.5 million shares “depending upon market conditions and available sales prices.”

It also revealed that it has already contacted an investment bank regarding the possible sale of those remaining shares.

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