WASHINGTON -- Billionaire investor Kirk Kerkorian's Tracinda Corp. boosted its stake in General Motors to 9.9 percent, according to a U.S. Securities and Exchange Commission document filed on Wednesday.
The disclosure comes one day after U.S. antitrust authorities said they would not oppose a plan by Kerkorian's investment arm to increase its stake to up to 9.9 percent and possibly seek a seat on the automaker's board. Kerkorkian's stake was previously 9.5 percent.
Representatives for GM, the world largest automaker, declined to comment. But in late September, company Vice Chairman Robert Lutz characterized Kerkorian as a value investor, not a corporate raider. Lutz said the Las Vegas casino mogul had expressed interest in a board seat, but not demanded it.
Tracinda, a majority owner of casino and hotel operator MGM Mirage Inc., has so far maintained that its interest in the world's largest automaker is that of a so-called passive investor, not taking an active role in running the company.
Kerkorian, GM's biggest individual investor, shook up the former Chrysler Corp. with a hostile takeover bid a decade ago.
Kerkorian made a tender offer for GM shares in May after the automaker posted a first-quarter loss of $1.1 billion, its worst result since the company narrowly escaped bankruptcy in 1992. GM's North American automotive operations posted a $2.5 billion loss for the first half of the year.
On Wednesday, Tracinda said in the U.S. regulatory filing that it acquired more than 2.1 million common shares in open market purchases on Tuesday, Oct. 11, raising its stake from 9.5 percent.
Tracinda paid an average of about $26.98 per share for a total of $56.76 million, the filing shows. It now holds 56 million shares.