The downgrade of GM’s debt by rating agency Standard and Poor’s has not stopped the planned purchase of 28 million shares.
Kerkorian Spooks Market With Massive GM Purchase
Kirk Kerkorian’s investment company Tracinda wants to pick up 5% of GMs outstanding stock. The massive purchase of 28 million shares at $31 a share would total $868 million and make Tracinda the third largest stockholder when combined with the 3.9% they already own. GM’s stock began a quick ascent as stock jumped to over $32 a share in the process.