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Thursday, 23 November 2006 |
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General Motors' billionaire investor Kirk Kerkorian has cut his stake in the car maker by 25 per cent following last month's decision by GM to spurn an alliance with Renault and Nissan.
Kerkorian, who had backed the move, sold 14 million shares worth £241m, to leave his stake at 7.4-per-cent, down from just under 10 per cent. Before the sale, it had been widely suspected that Kerkorian would use his financial clout to attack GM boss Rick Wagoner's leadership team, which spurned the alliance that Kerkorian promoted.
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