Tracinda sells more than 26.41 million shares of Ford; ownership drops to 4.89%

By Lisa Kerner

Charlotte, N.C., Oct. 28 - Tracinda Corp. sold 26,412,451 million shares of Ford Motor Co. common stock between Oct. 21 and Oct. 27 at prices from $1.81 to $2.27 each, it was reported in a schedule 13D/A filed with the Securities and Exchange Commission.

Tracinda, led by Kirk Kerkorian, now beneficially owns 107,087,549 shares, or 4.89%, of Ford.

On Oct. 20, Tracinda sold 7.3 million shares of Ford common stock at an average price of $2.43 per share in a bid to reallocate its resources in the down market. Tracinda said it would focus on the gaming and hospitality and oil and gas industries.

It was previously reported that Tracinda planned to further reduce its Ford holdings and may sell all of its remaining shares, which at the time represented about 6.09% of the Dearborn, Mich.-based automaker's stock.

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