NATION : Kerkorian Buys 9% of Chrysler
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DETROIT — Chrysler Corp., the nation’s No. 3 auto company, said today that Los Angeles investor Kirk Kerkorian has bought more than 9% of its stock.
The auto maker said Kerkorian, who formerly owned Hollywood studio MGM/UA Communications Co., did not explain the reasons for his investment, which is worth about $240 million at current market prices.
“We don’t know what the heck he’s up to,” a Chrysler spokesman said.
The company made the statement after its stock was halted on the New York Stock Exchange.
Kerkorian has built a fortune of more than $1 billion, in large part by buying and selling stakes in MGM/UA. He sold the company in November to the Italian company Pathe Communications Corp. for $1.3 billion.
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