Kerkorian steps up Ford retreat

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The 91-year-old Armenian-American sold 26.4 million shares for an average price of $2.01 a share some $53 million (£34 million) having offloaded a smaller stake for about $18 billion last week.

He now owns 4.89% of the company, having spent more than $1 billion building his stake when shares were worth more than $7 each.

The likely sale of the rest of his holding would be a costly retreat for the activist investor as well as the company.

Kerkorian took his stake in Ford above 6% in June in what was seen as a vote of confidence in the firm and its turnaround strategy.

However, the shares have crashed since then on fears for the future of the US car market.

His decision to pull out means Ford has lost a potential source of funding at a time when car sales are plummeting.