The investment firm operated by billionaire investor Kirk Kerkorian fell short in its attempt to purchase up to 28 million General Motors Corp. shares, announcing Wednesday it will buy 18.9 million shares at $31 apiece. The acquisition increases Tracinda Corp.’s stake in GM to 7.2%, or 40.9 million shares. Kerkorian now is GM’s largest individual investor. Tracinda revealed plans May 4 to increase its stake in the auto maker from 3.8% to 8.84% by offering to buy shares at $31 each, ...
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