DETROIT – Dissident General Motors Corp. (GM) shareholder Kirk Kerkorian said Wednesday that he has agreed to slash his stake in the troubled automaker by selling 14 million shares of its stock this week.
In a filing Wednesday with the federal Securities and Exchange Commission, Kerkorian's Tracinda Corp. said it had reached agreement on Monday to sell the shares at $33 each in a private transaction.
The agreement will close on Friday, the filing said.
Kerkorian now owns 56 million shares, or 9.9 percent of the company, according to the LionShares.com financial Web site. The sale would reduce his stake to 42 million, or 7.4 percent of the company's 565.5 million outstanding shares.
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