UPDATE 1-Kerkorian to cut GM stake to 4.95 pct

Newswire

(Adds details) DETROIT, Nov 30 (Reuters) - Billionaire Kirk Kerkorian's Tracinda Corp. investment firm said on Thursday it had agreed to sell 14 million shares of General Motors Corp. , cutting his stake in the automaker to 4.95 percent from 7.4 percent. In a U.S. regulatory filing, Tracinda said it had agreed to sell the shares in a private transaction for $28.75 a share. GM shares fell by 2 percent to $28.93 in mid-day trade on the news. Kerkorian's move comes just a week after he ...

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