• Most Popular
  • Most Shared

Ford confident and focused despite Kerkorian sale

KOKOMO, Ind
Tue Oct 21, 2008 11:40am EDT

KOKOMO, Ind (Reuters) - Ford Motor Co said on Tuesday it remains focused and confident of its turnaround strategy in a statement that followed billionaire Kirk Kerkorian's announcement he could sell his entire stake in the automaker.

Deals  |  Inflows Outflows

"We remain confident and focused on our plan to transform Ford into a profitably growing automaker," Ford spokesman Mark Truby said.

Ford, which posted an $8.7 billion second-quarter net loss, had received a boost since Kerkorian disclosed his investment in the automaker in April and expressed confidence in the company's turnaround strategy and executive leadership.

Kerkorian's investment in Ford had risen to nearly 6.5 percent and 140.8 million shares, making him the largest outside investor. He sold 7.3 million shares Monday, reducing his stake to 6.09 percent, and said he may sell the rest.

The No. 2 U.S. automaker, Ford has said that it will provide an update on its business when it releases third quarter financial results.

(Reporting by David Bailey)
Deals
Inflows Outflows


More from Reuters

Afghan suicide blast kills eight U.S. civilians

KABUL (Reuters) - Eight American civilians were killed in a suicide bombing at a military base in southeastern Afghanistan on Wednesday, one of the highest foreign civilian death tolls in an insurgent attack in the eight-year war.

» More Top News
A sign informs passengers of a "High Risk of Terrorist Attack" at the departure security line at Reagan National Airport in Washington December 29, 2009. REUTERS/Kevin Lamarque (

Body scans are Obama's call

The Dutch are doing it. So what's taking the U.S. so long to make airport body scanners mandatory?  Full Article | Video 

U.S.
People walk past a branch of Bank of America in New York's financial district April 28, 2009. REUTERS/Brendan McDermid
Rolfe Winkler:

Move your money

Boycotting "too big to fail" banks is a great idea -- so long as investors remember that banks aren't the only ones responsible for the crisis.  Full Article 

    Commentary