Kirk Kerkorian, a famous American billionaire and owner of the investment company Tracinda, began to offload some of its shares Ford.
But this is only a beginning. According to a statement issued Tuesday it would sell its entire stake in the automaker's capital.
Monday Tracinda sold 7.3 million Ford shares, at an average price of 2.43 dollars per share, totaling 17.7 million dollars. That price is slightly higher than the price of 2.33 dollars a share which closed Monday.
Tracinda has the intention to further reduce its stake in Ford and is considering a possible sale of its 133.5 million shares still held, representing approximately 6.09% of the capital, "according to market conditions and prices Sales possible, "adds the release.( Finance Information City )
U-turn at the hand brake for the businessman of Armenian origin. Again there are only fools do not change that opinion since late April, Kirk Kerkorian had the opposite announced the acquisition of additional 1% in Ford.
Ford had published on that date net income of $ 100 million and 5 cents per share in its fiscal 1st quarter 2008, against a net loss of 282 million and 15 cents per share for the 1st quarter of 2007. The manufacturer reported significant progress in the framework of restructuring plans "aggressive" for a sustainable return to profitability.
But things have changed in the meantime, the evolution is a term that can be used both to talk about that increase drop ...
Faced with serious challenges as its gives the automotive sector, Ford has seen its title fall by more than 65% since the beginning of the year.
"In light of current economic conditions and market, Tracinda has agreed to review the allocation of its resources," argues the investment company. In this line, she decided to concentrate its investments in the sectors of gaming and hospitality, as well as oil and gas sectors in which Tracinda receives a "value".
To recall, last January, the holding company of billionaire Kirk Kerkorian acquired a 35% in Delta Petroleum, a company specializing in oil, for 684 million dollars (465 million euros).
In electronic trade before the start of the meeting of the New York Stock Exchange, the Ford fell 4.72% to 2.22 dollars to 13.00 GMT.
Kirk Kerkorian now seems completely abandon the automotive industry when he tried unsuccessfully to acquire the manufacturer Chrysler, twice in 1995 and 2007.
He also withdrew late 2006 the largest American manufacturer, General Motors, after having acquired 10% of its capital and engaged in a battle with management.
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