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Tag: stake
2009-01-02 23:25:09| Telegraph Business
Quek Leng Chan one of Malaysia's richest men has taken a 3pc stake in InterContinental Hotels Group.
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2009-01-02 19:44:03| The Economic Times
Shares of Suzlon Energy were in the limelight Friday after the company sold a 10 per cent stake in Belgium-based wind turbine gearbox maker Hansen to a London investment firm.
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stock
energy
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hansen
2008-12-30 19:44:40| The Economic Times
GMR Infrastructure said on Tuesday that its one of the promoter group companies, GMR Holdings, has hiked its stake to about 74 per cent after purchasing 3.87 lakh shares from the open market.
2008-12-30 16:16:17| Guardian Unlimited Business - more business news
Kirk Kerkorian, a longtime investor in the US car industry, has abruptly sold his 6.1% stake in Ford barely nine months after taking the position in a rare vote of confidence in the company's turnaround plan.The disposal appears to mark the end of the 91-year-old financier's enduring flirtation with Detroit and comes at a considerable loss.Kerkorian's investment firm, Tracinda Corporation, amassed the stake in April when shares in the motor manufacturer traded at over $8. Yesterday, Ford closed at $2.17.The sale signals a marked turnaround for Kerkorian who has seen the value of another Tracinda holding, the Vegas gambling giant MGM Mirage, crumble in the face of recession. Kerkorian is understood to be under pressure to meet debt obligations on a Bank of America loan and has not said if the Ford sale marks the end of his journey with the troubled US car industry.In 1995, he joined forces with Detroit legend Lee Iacocca in an unsuccessful takeover bid for Chrysler. When the company was sold to Daimler-Benz in 1998, Tracinda was the largest shareholder. Kerkorian later sued, accusing Daimler-Benz of misleading investors over terms of the sale.In the same era, Kerkorian built a 9.9% stake in General Motors and campaigned hard for the firm to merge with Renault and Nissan. When that was refused Kerkorian dumped his investment and retrained his sights on Chrysler, by now cast from its marriage to Daimler. Kerkorian lost a bidding war with Cerberus Capital Management to acquire the business, and soon looked to Ford."We're in this for purely passive investment purposes," senior Tracinda advisor Jerome York said of Kerkorian's Ford stake in April. "We don't care what happens in the next two or three quarters. What we're looking for is a big, big hit five, six or seven years down the road." Ultimately, though, Kerkorian was unable to wait.Yesterday, the US Treasury announced new measures to help the US auto giants in addition to the $17.4bn emergency plan to rescue GM and Chrysler announced earlier this month.In a further extension of the $700bn (482bn) Federal Tarp bank bail-out plan, $4bn is being made available to support GM and Chrysler's struggling consumer finance divisions.Without that help, industry experts have warned, the domestic US car industry stands virtually no chance of an improvement in sales."Consumer credit is the jet fuel of the auto business," Michael Jackson, head of Auto Nation, the largest chain of US dealerships, recently explained. "The majority of consumers can't buy a car without getting a loan."FordChryslerGeneral MotorsAutomotive industryUS economyUnited Statesguardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds
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2008-12-30 04:54:46| Business - International Herald Tribune
The Treasury Department agreed to take a stake of $5 billion in GMAC and lend $1 billion to General Motors to help GMAC reorganize itself as a bank holding company.
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