28 April 2008
Captain Kerk beams in once more
Billionaire investor Kirk Kerkorian, a year after his failed bid to acquire Chrysler marked his latest venture into the auto sector, moved to build his position in Ford Motor Co., sending shares up almost 10% on Monday. Ford's stock finished up 71 cents at $8.21, following a week of wide swings in the wake of the company's surprise first-quarter profit report. Shares have risen 22% since the beginning of the year as restructuring efforts have gained traction.
Kerkorian, typically critical of top management in the U.S. auto sector, announced a bid of $8.50 a share for up to 20 million shares and expressed confidence in Ford's direction.
Is he sandbagging? I dunno. Ford CEO Alan Mulally sent out this statement:
We welcome confidence in Ford and the progress we are making on our transformation plan. Any investor can purchase Ford shares, which are sold on the open market. The Ford team remains focused on executing our plan to transform Ford into a lean global enterprise delivering profitable growth for all.
Neither side the slightest bit adversarial. That alone makes me suspicious.Posted at 7:51 PM to Driver's Seat