Tracinda Tells GM

From MarketWatch

Tracinda Corp., the investment vehicle of investor Kirk Kerkorian, is recommending to General Motors Corp.

to from a global partnership. Tracinda, through a federal filing, sent a letter Friday to Rich Wagoner, the Detroit automaker’s chairman, saying the two foreign car makers “are receptive to the concept of including” GM in a global partnership and purchasing a minority stake in GM. The deal could generate substantial synergies and cost savings, according to the letter. Tracinda owns about 10% of GM shares. GM shares jumped 11.8% to $30.69 in pre-market action on I-Net.

I would imagine GM’s 10% shareholder can throw around a lot of weight. Sounds like a forced merger to me.

Tracinda GM Finance Mover Mike

One Response to “Tracinda Tells GM”

  1. Yeah, Remember when Chrysler auto was acquired by Daimler? Daimler paid plenty and a year later it was obvious that Chrysler’s actual market value was ZERO!

    Kerkorian knows the score. It’s real bad.

    oly

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