Tracinda Corp., the private-equity firm owned by billionaire investor Kirk Kerkorian, said Wednesday it plans to boost its stake in General Motors Corp. to as much as 9.9 percent and may approach the world's biggest automaker about getting representation on its board.
The Beverly Hills, Calif., investment group has been steadily growing its stake in GM while continuing to downplay suggestions that it is looking to increase its influence over the company. Kerkorian, formerly the owner of movie maker MGM Mirage, has a history of wrestling with automakers in his long-running fight against the merger between Chrysler Corp. and Daimler-Benz AG.
On Wednesday, Kerkorian's group said it plans to increase its 9.5 percent stake in GM to no more than 9.9 percent. The group also said in a securities filing that it "may engage in discussions with General Motors concerning possible representation on its board of directors."
Tracinda said it is buying GM shares solely for investment purposes and doesn't aim to gain or influence control over GM's business at the present moment.
In September, Tracinda disclosed that it was boosting its stake in GM to 9.5 percent, after nearly doubling its ownership to 7.2 percent in June through a tender offer.