Ford Motor’s shares rose to their highest level since November after billionaire investor Kirk Kerkorian said he had amassed a 5% stake and was seeking another 1% of the second-largest US carmaker. The move follows Ford’s improved Q1 earnings report last week and prediction it would return to profitability next year despite the slowing US car market. It is the third big investment in a US carmaker by Kerkorian, who formerly owned stakes in GM and Chrysler. Lex notes that the 90-year-old investor is “not known for merely sitting back and trusting the management”. He may just want a good investment – or he may want to “make a splash”. More background here.

This entry was posted by Gwen Robinson on Tuesday, April 29th, 2008 at 5:38 and is filed under Capital markets, M&A, People. Tagged with ford, kirk kerkorian. Edit this entry.