Home | Business | Kerkorian ups Ford bid financing to $600M

Kerkorian ups Ford bid financing to $600M

27/05/2008 16:09:00 Milorad Topalovic

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The billionaire investor gets an additional $100M in an attempt increase his ownership to 5.5% of the automaker.

WASHINGTON (AP) -- Billionaire investor Kirk Kerkorian has added $100 million in financing as part of his bid to increase his stake in Ford Motor Co.

Kerkorian's Tracinda Corp. said in a regulatory filing Friday it may borrow as much as $600 million from Bank of America (BAC, Fortune 500). That's an increase from $500 million.

Kerkorian has said he wants to buy up to 20 million shares of Ford (F, Fortune 500)'s common stock in an attempt to increase his ownership of the automaker to 5.5%.

Ford's board has taken a neutral stance on Kerkorian's offer.

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