Billionaire investor Kirk Kerkorian has made a paper profit of $US 100 million in a little over a month after his tender offer for shares in General Motors, the Daily Telegraph reported.
Go deeper with GlobalData
The paper noted that Kerkorian’s Tracinda investment vehicle bought 18.9 million shares in early June, although the amount fell short of his hoped-for target of 28 million shares. He paid $31 for each.
But after a month of largely positive news from the car maker, and an upgrade last week from Lehman Brothers, the stock stood at $36.74, giving him a profit of $108.5 million on his original $585 million layout, the report said.
Kerkorian reportedly owns a further 20 million shares but it is not clear how much he paid for that stake. In total he holds about 7% of GM, the Telegraph added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
