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article imageGeneral Motors Billionaire Shareholder Cuts His Stake

By Nathalie Caron     Nov 22, 2006 in Business
"A billionaire investor in General Motors Corp on Wednesday cut his stake by 25 per cent after the company refused to form an alliance with Renault and Nissan that he supported."
Kirk Kerkorian, through his investment firm Tracinda Corp, has sold 14 million of his shares in GMC due to the fallthrought of an alliance between GMC, Renault and Nissan.
Kerkorian was hoping the deal would help turn GM around after it made 10.6 billion dollars in losses in 2005.
The shares were worth 462 million dollars, making the investment firm the fourth-largest shareholder with 7.4-per-cent of GMC's shares.
This caused GMC's shares to drop 4.66 per cent to reaching $31.09 on Wall Street, Wednesday.
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