Billionaire investor Kirk Kerkorian has increased his stake in General Motors to nearly 10%, according to a company filing seen by a news agency.
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Kerkorian acquired 2.1 million shares of GM common stock on the open market Tuesday, the filing with the US Securities and Exchange Commission said, according to the Associated Press (AP). The average purchase price for the shares was $US26.98 per share, for a total purchase price of approximately $56 million.
AP noted that Kerkorian’s Tracinda Corp. private equity firm has been steadily increasing its stake in GM for several months though it has said it is buying GM shares solely for investment purposes and doesn’t aim to influence control over the business, but may approach the car maker about securing a seat on its board.
AP speculated that Kerkorian may see GM as a prime target for a turnaround effort.
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