June 19, 2008

Tracinda Increases Stake in Ford

U.S. billionaire investor Kirk Kerkorian's Tracinda Corp. has increased its holdings in Ford Motor Co. to 6.49 percent, official filings showed.

Tracinda increased its holdings soon after completing transactions on a tender offer to buy 20 million Ford shares, which increased its ownership to 5.5 percent of the company, the Detroit Free Press reported.

The recent filing with the Securities and Exchange Commission says Tracinda has explored raising capital to help Ford with its turnaround plans.

Kerkorian and Tracinda executives met with Ford's Chief Executive Officer Alan Mulally and Executive Chairman Bill Ford two days before the filing, which also says Tracinda may propose business strategies for Ford, the newspaper reported.