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Car Whisperer
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Kerkorian says to divest Ford stake
NEW YORK (AFP) – Billionaire US investor Kirk Kerkorian announced via his holding company Tracinda on Tuesday that he had begun selling shares in struggling car group Ford and planned to divest his whole stake.

Tracinda said it had sold 7.3 million shares in Ford for an average price of 2.43 dollars per share, for a total of 17.7 million dollars.

The group said it also "intends to further reduce its holdings of Ford common stock, including the possible sale of all of its remaining 133,500,000 shares -- approximately 6.09 percent of the outstanding shares."

The group has hired an unnamed investment bank to help it with the divestment.

In two major operations in April and June, Tracinda built a position in Ford, paying 8.50 dollars a share.

Kerkorian, who made a fortune from running and selling Las Vegas casinos, has held big stakes in General Motors and Chrysler and had bought shares in Ford after seeing "meaningful traction in its turnaround efforts."

The group has been hard hit due to the sharp falls in sales in the United States and western Europe because of the financial crisis and falling consumer confidence.

Ford's September sales in the US fell 34 percent to 116,734 vehicles while year-to-date sales were down 17.3 percent at 1.5 million vehicles. Its US market share fell to 12.1 percent from 13.3 percent in September 2007.
 

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Discussion Starter · #3 ·
don't care aboout his loss, but what it says about Ford is another question.
 

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texasbullitt said:
I think ford will be fine in the long run ,
...if they survive to see the long run.
 

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Bullitt3817 said:
...if they survive to see the long run.

the government ain't gonna let either ford or gm go under..... the economy and unemployment is heading downhill and no way can they allow more to happen liek ford or gm going under.
 

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WHAT'S THE SAYING : WHEN WALLMART HAS A SALE EVRYONE COMES ,
WHEN WALLSTREET DOES , NO ONE DOES ( EVERYONE SELLS )

THIS IS THE BEST TIME TO BIG UP SOME DEALS ON GOOD COMPANIES / STOCKS AND PLAN FOR THE FUTURE
 

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I am really pulling for Ford, prayers and all.

But it sure makes you wonder why someone like Kerkorian would take such a loss.
 

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I'd buy a couple hundred dollars worth to start, but their minimum is $1000. So I guess they don't get any of my money :sad:
 

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PhotoRick said:
I am really pulling for Ford, prayers and all.

But it sure makes you wonder why someone like Kerkorian would take such a loss.
he is highly leveraged and feeling the pressure...he needs cash and it loosk like ford will take a bit longer stock value wise to recover
 

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Maybe he's not worried about Ford going under, but maybe sees an opportunity elsewhere to invest in. Of course there'll be no hat tipping on that.
 
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