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After talks between General Motors Corporation (NYSE: GM) and Nissan-Renault came to a unsuccessful end on Wednesday, GM's largest investor, Kirk Kerkorian, has said that he has no plans of making any further investments in the automobile giant.Kerkorian was a strong voice in trying to facilitate an alliance between GM and Nissan-Renault and is obviously upset over the failure. Kerkorian, who currently owns 9.9% of General Motors had told the SEC earlier this week that he was considering adding to his holdings to lift his stake to 12%.
Not only has Kerkorian decided not to add to his position, his adviser Jerome York , who served on GM's board, has resigned from his position. As Autoblog says, it's a lot like taking your ball and going home...
After today's announcement GM stock fell as much as 8.3% to a low of $30.38 and is currently trading down 4.0% to $31.80 down $1.33.
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