BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Ford's Alan Mullaly backed by Kirk Kerkorian]]>http://www.bloggingstocks.com/2008/04/28/fords-alan-mullaly-backed-by-kirk-kerkorian/http://www.bloggingstocks.com/2008/04/28/fords-alan-mullaly-backed-by-kirk-kerkorian/http://www.bloggingstocks.com/2008/04/28/fords-alan-mullaly-backed-by-kirk-kerkorian/#commentsFiled under: , , ,

Ford Motor Co. (NYSE: F) Chief Executive Alan Mullaly has a friend in cantankerous billionaire Kirk Kerkorian.

Kerkorian, who was Chrysler's largest shareholder before the company was acquired by Daimler, is snapping up shares in the automaker, which recently posted an unexpected $100 million first quarter profit. Kerkorian's Tracinda Corp. owns a 4.7% position in Ford and plans to offer to buy as much as 20 million shares at a 13% premium to Friday's close, according to The Wall Street Journal (subscription required).

"Tracinda has been following Ford closely since the company released its fourth quarter 2007 results which indicated that Ford's management was starting to achieve highly meaningful traction in its turnaround efforts," the company said in a statement. "Last week this was reinforced by Ford's first quarter 2008 results, achieved despite the difficult U.S. economic environment. Tracinda believes that Ford management under the leadership of Chief Executive Officer Alan Mulally will continue to show significant improvements in its results going forward."

At least that's how Kerkorian feels now.

Continue reading Ford's Alan Mullaly backed by Kirk Kerkorian

Ford's Alan Mullaly backed by Kirk Kerkorian originally appeared on BloggingStocks on Mon, 28 Apr 2008 08:55:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>alan mullaliAlanMullalibig 3 automakersBig3AutomakersDAIFfeaturedfordgeneral motorsGeneralMotorsGMinthenewskirk kerkorianKirkKerkoriantracinda corpTracindaCorpMon, 28 Apr 2008 08:55:00 EST<![CDATA[Kerkorian's new target: Kerkorian]]>http://www.bloggingstocks.com/2007/05/22/kerkorians-new-target-kerkorian/http://www.bloggingstocks.com/2007/05/22/kerkorians-new-target-kerkorian/http://www.bloggingstocks.com/2007/05/22/kerkorians-new-target-kerkorian/#commentsFiled under: ,

After dueling with Daimler and losing again, Kirk Kerkorian has decided to take on someone his own size: himself. In a move that has analyst's opinions all over the map, Kirk Kerkorian's Tracinda Corporation announced it will negotiate with MGM Mirage (NYSE:MGM) for its two best properties. The Bellagio and the under-construction CityCenter could fetch as much at $12 billion.

The odd part of the story is that Kerkorian owns 56% of MGM Mirage. Other stockholders are not responding well to what they perceive as an attempt to cherry-pick the company's assets, questioning Kerkorian's motives. Some suggest he is trying to force the company onto the sales block, drooling at the potential price in light of Harrah's recent $17.1 billion sale.

He could also be hoping to play both ways; strip off the most lucrative assets, then hope the remaining package is still alluring enough to draw venture interest. Left on the table for the moment is MGM's Grand Macau, possibly signaling Kerkorian's uncertainty about that market.

A key part of this deal is MGM's CityCenter development, a casino-retail-hotel- condominium complex that will cost an estimated $7.9 billion. With the recent cancellation of other Vegas high-roller condo developments, CityCenter is either well poised to take advantage of the Vegas property boom or vulnerable to the slackening housing market. Probably the former.

The market has shown love for the idea, so far, jumping up 30% by midmorning on the news.

Kerkorian's new target: Kerkorian originally appeared on BloggingStocks on Tue, 22 May 2007 13:05:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BellagioCasinosCityCenterKerkorainkerkoriankirk kerkorianKirkKerkorianLas VegasLasVegasmgmMGM mirageMgmMiragetracindatracinda corpTracindaCorpTue, 22 May 2007 13:05:00 EST