KIRK KERKORIAN TO UP OWNERSHIP IN FORD TO 5.6 PERCENT.

Kerkorian, who was Chrysler's largest shareholder before the company was acquired by Daimler, is snapping up shares in the automaker, which recently posted an unexpected $100 million first quarter profit. Kerkorian's Tracinda Corp. owns a 4.7% position in Ford and plans to offer to buy as much as 20 million shares at a 13% premium to Friday's close, according to The Wall Street Journal



Kerkorian has had a tumultuous past with Ford's crosstown rivals, General Motors and Chrysler. At one time he owned nearly 10% of GM and tried to broker a deal between the world's largest automaker and Nissan-Renault that ultimately fell through, after which Kerkorian sold all of his stock in the General. He also sued DaimlerChrysler for its allegedly deceptive "merger of equals" statement back in 1998, then tried to buy Chrysler from Daimler after it was all over.