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Kerkorian’s Tracinda boosts stake to 7.2 percent

Wednesday, June 8, 2005 | 9:22 a.m.

LOS ANGELES -- Tracinda Corp., run by billionaire investor Kirk Kerkorian, boosted its stake in General Motors Corp. to 7.2 percent after it purchased 18.9 million shares as part of a tender offer, the company said today.

Kerkorian had been seeking to purchase up to 28 million GM shares at $31 apiece.

General Motors shares rose $1.02, or 3.3 percent, to $31.75 in premarket activity after closing Tuesday below the tender offer price.

Tracinda said it will purchase all 18,926,557 shares tendered, boosting Kerkorian's stake in GM to 40.9 million shares, or 7.2 percent of GM's shares, from 22 million shares, or 3.89 percent.

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