Tracinda Corporation is an American private investment corporation that was owned by the late
Kirk Kerkorian
Kerkor Kerkorian ( hy, Գրիգոր Գրիգորեան; June 6, 1917 – June 15, 2015) was an American businessman, investor, and philanthropist. He was the president and CEO of Tracinda Corporation, his private holding company based in Beverl ...
. Its major investments included a minority interest of
MGM Resorts International. Tracinda is headquartered in
Las Vegas
Las Vegas (; Spanish for "The Meadows"), often known simply as Vegas, is the 25th-most populous city in the United States, the most populous city in the state of Nevada, and the county seat of Clark County. The city anchors the Las Vegas ...
,
Nevada
Nevada ( ; ) is a U.S. state, state in the Western United States, Western region of the United States. It is bordered by Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. N ...
. The company was named after Kerkorian's daughters, Tracy and Linda.
History
Tracinda formerly owned ten percent of
General Motors
The General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. It is the largest automaker in the United States and ...
; it sold all of its stock in November 2006.
Tracinda offered $4.5 billion to buy
Chrysler
Stellantis North America (officially FCA US and formerly Chrysler ()) is one of the " Big Three" automobile manufacturers in the United States, headquartered in Auburn Hills, Michigan. It is the American subsidiary of the multinational automoti ...
on April 5, 2007, causing the shares of
DaimlerChrysler
The Mercedes-Benz Group AG (previously named Daimler-Benz, DaimlerChrysler and Daimler) is a German multinational automotive corporation headquartered in Stuttgart, Baden-Württemberg, Germany. It is one of the world's leading car manufacture ...
to soar 5.3%. Ultimately, the bid failed and Chrysler was sold to
Cerberus Capital Management
Cerberus Capital Management, L.P. is an American private equity firm,Leaders Magazine"Providing Economic Opportunity: An Interview with The Honorable Dan Quayle, Chairman, Cerberus Global Investments, LLC". specializing in distressed investing. ...
.
Kerkorian also bid, unsuccessfully, in 1995 to take over Chrysler.
On May 16, 2008, Tracinda contacted Ford shareholders in a bid to buy 20,000,000 shares by June 4, 2008, at a rate of $8.50 a share. Later on, the bid was processed, and the company bought the shares through Ahmed Adnan, an investor.
On Oct 20, 2008, Tracinda sold more than 7 million shares of Ford at an average price of roughly $2.44 a share.
On Dec 29, 2008, Tracinda sold his remaining shares in
Ford Motor Company
Ford Motor Company (commonly known as Ford) is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobi ...
.
In May 2009, following the completion of a $1 billion stock offering by MGM Mirage, Kerkorian and Tracinda lost their majority ownership of the gaming company, dropping from 53.8 percent to 39 percent and, even after pledging to purchase 10 percent of the new stock offering, they became minority owners.
Kerkor "Kirk" Kerkorian died June 15, 2015, aged 98.
On September 16, 2019, MGM Resorts announced that Tracinda informed the company that it had disposed of its stake in the resort company following instructions left in Kerkorian's Will that upon his death Tracinda was supposed to dispose of its interest in the resort company in a timely manner.
References
Companies based in Los Angeles County, California
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