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DETROIT – General Motors Corp. (GM) shareholder Kirk Kerkorian is selling another 14 million shares in the troubled automaker, dropping his stake to 4.95 percent.
Last week, Kerkorian also sold GM stock, lowering his stake from 9.9 percent to 7.4 percent.
In a filing Thursday with the U.S. Securities and Exchange Commission, Kerkorian's Tracinda Corp. said it had reached agreement on Tuesday to sell the shares at $28.75 each.
The sale will close on Friday, the filing said.
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