Kerkorian may raise stake
Chrysler Corp. shareholders offered to sell Kirk Kerkorian four times more shares than the billionaire wanted to buy.
But he may want to buy more. Mr. Kerkorian filed documents with the Securities and Exchange Commission yesterday saying he may want to increase his stake in Chrysler to 14.99 percent -- just a hair below the automaker's poison-pill point.
With the 14 million shares Mr. Kerkorian bought under a tender offer that expired yesterday, he controls 13.1 percent of the No. 3 automaker, up from 9.8 percent.
"Clearly it sends a signal that there is very likely to be a proxy fight come next spring," said Joe Phillippi, an analyst with Lehman Bros.