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Kerkorian to sell shares in GM
By ASSOCIATED PRESS
Published November 23, 2006
DETROIT - Dissident General Motors Corp. shareholder Kirk Kerkorian said Wednesday that he will slash his stake in the troubled automaker by selling 14-million shares of its stock this week. The sale, announced in a regulatory filing, came on the same day that Kerkorian's Tracinda Corp. announced plans to offer $55 a share in cash for up to 15-million shares of MGM Mirage Inc. The transaction would boost Kerkorian's stake in the casino company to more than 60 percent. MGM Mirage, the world's second-largest casino company after Harrah's Entertainment Inc., owns the MGM Grand, Bellagio and other casinos in Las Vegas, as well as gambling properties in other Nevada cities and Atlantic City, N.J. MGM Mirage welcomed the bid. In the GM filing with the Securities and Exchange Commission, Tracinda said it had agreed Monday to sell the shares at $33 each in a private transaction. The agreement will close on Friday, the filing said. Kerkorian, 89, now owns 56-million shares, or 9.9 percent of GM, according to the LionShares.com Web site. The sale would reduce his stake to 42-million shares, or 7.4 percent of the company's 565.5-million outstanding shares.
[Last modified November 22, 2006, 22:30:24]
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