Kerkorian Reduces Ford Stake

DETROIT, Oct 28, 2008; Soyoung Kim and Poornima Gupta writing for Reuters reported that billionaire investor Kirk Kerkorian has reduced his stake in Ford Motor Co to 4.89 percent over the past week, his investment company said on Tuesday.

Kerkorian, the largest outside investor of Ford, had said last week he sold shares worth about $18 million in the No. 2 U.S. automaker and could sell his remaining 6 percent stake.

Tracinda said on Tuesday it had sold 26.4 million shares in Ford between Oct. 21 and Oct. 27 in the open market for an average price of $2.01 per share.

Editing for Reuters by Gerald E. McCormick