AUTOS

Kerkorian Pact Allows Chrysler Proxy Fight: Billionaire Kirk Kerkorian disclosed that his $100-million credit agreement with Swiss Bank Corp. has a clause that permits a proxy fight for control of Chrysler Corp. Kerkorian’s holding company, Tracinda Corp., said the investor had arranged the credit line to help lift his stake in Chrysler to just below 15%, the level that would trigger the No. 3 auto maker’s “poison pill” takeover defense. In a consent solicitation, Kerkorian could impose his will on the board if a majority of Chrysler shareholders backed him. But the pact does not allow Kerkorian to acquire, alone, through entities controlled by him, or acting with others, more than 15% of the outstanding shares of Chrysler without prior bank and board approval.