Kerkorian Cuts Stake in DaimlerChrysler

Billionaire financier Kirk Kerkorian, DaimlerChrysler’s third-largest stockholder, has cut his stake in the auto maker by nearly a third, just weeks before the company reveals a far-reaching revival plan. The sale of about 10 million shares this month does not hurt Kerkorian’s $8-billion lawsuit against the company, said his lawyer, Terry Christensen. Kerkorian, who had attempted to take over the former Chrysler Corp., accused DaimlerChrysler and Chairman Juergen Schrempp of deceiving shareholders in the $36-billion merger in 1998. The sale “locks in whatever damage calculations there would be,” Christensen said. The move by Kerkorian cut his ownership stake to 2.3% from 3.3%. On Jan. 12, Bank of America placed 10 million shares of DaimlerChrysler for an unidentified client at $41.17, or 1% above its four-year low. DaimlerChrysler shares rose $1.41 to close at $47.07 on the NYSE.