Investor Kirk Kerkorian’s Tracinda Corp. is offering to pay about $US870 million for a nearly 5% stake in General Motors Corp. in a deal that would boost his stake to nearly 9%, the Associated Press (AP) reported.
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Tracinda reportedly said in a statement Wednesday that its offer was for 28 million shares of GM stock at $31 a share – it added the proposed purchase was for investment purposes only.
Tracinda, which already owns a 3.9% stake in GM, would hold 8.84% of the automaker’s outstanding shares upon completing the offer, AP said.
