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Kerkorian selling another 14M GM shares.
(From AFX Europe (Focus))
WASHINGTON (AFX) -
Dissident General Motors Corp. shareholder Kirk Kerkorian is selling another 14 million shares in the troubled automaker, dropping his stake by a third to 4.95 percent for a price of just over $400 million.
The billionaire's move disclosed Thursday represents an even larger retreat from his ownership of the world's biggest automaker than previous indications.
The investor's stock sale was reported even as GM announced it has completed a deal announced in April to sell a 51 percent stake in its finance unit to private investors for about $14 billion.
That was part of the automaker's plan to gain some financial flexibility as it struggles to compete with Asian automakers who have been eroding its market share at home. GM has lost more than $3 billion in the first nine months of the year, and is slashing its U.S. work force in an effort to cut costs.
GM shares dropped 27 cents to close at $29.23 on the New York Stock Exchange. Its shares have traded in a 52-week range of $18.33 to $36.56.
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