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Kerkorian
cuts more stake in GM
Detroit: Billionaire investor Kirk Kerkorian's
investment firm Tracinda Corp. said it had reduced its
stake further in General Motors Corp in a second large
sale leading to speculation as to whether the investor
had sold his entire stake in company.
In
a filing with the Securities and Exchange Commission,
Tracinda Corp. said it had sold 14 million shares in a
private transaction for $28.75 a share, reducing Kerkorian's
stake in the automaker to 4.95 percent -- half of what
he had owned earlier this year. Following this the Wall
Street Journal, reported in its online edition that Tracinda
subsequently had sold its remaining 28 million GM shares
on Thursday.
Kerkorian
has been asking an accelerated turnaround at GM and some
analysts had expected him to mount a proxy fight for control
of GM rather than cash out of his stake with the modest
profit implied by his disclosed and reported stock sales.
Kerkorian wasn't satisfied with the outcome of the Nissan-Renault
talks and expressed frustration with the way GM's turnaround
was taking place.
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Delta
Airlines intends to stay as standalone carrier
New York: Despite being wooed by US Airways Delta
Air Lines Inc says it intends to emerge from bankruptcy
as a stand-alone carrier. US Airways, which sold its merger
plan to Delta's senior management and creditor committee
representatives on Thursday, said in a separate statement
that it was pleased to have had the chance to discuss
its proposal.
Atlanta-based
Delta has been recalling pilots and flight attendants
to work this year as it expands internationally and restructures
operations. Its monthly loss in October narrowed year-over-year,
helped by lower costs. Delta's pilots' union, represented
on the creditor committee, has expressed concerns about
the offer.
US
Airways says a merged airline would have more benefits
than a stand-alone Delta.
US
Airways has won some support for its plan from Delta bondholders
that aim to put pressure on Delta to fully consider the
US Airways bid. The group, which was not present at Thursday's
meeting, is planning separate meetings with Delta and
US Airways.
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