Kerkorian: Renault, Nissan Want GM Stake
Jun 30, 5:40 PM (ET)
By KEN THOMAS
WASHINGTON (AP) - Kirk Kerkorian, the billionaire mogul and major shareholder in General Motors Corp. (GM) (GM), said Friday that automakers Renault SA and Nissan Motor Co. (NSANY) are interested in purchasing a significant stake in GM and including the Detroit automaker in their alliance.
Kerkorian's investment company, Tracinda Corp., told GM Chairman and CEO Rick Wagoner in a letter that Renault and Nissan are receptive to the idea of including General Motors in their partnership and purchasing "a significant minority interest" in the automaker.
Shares of GM soared $2.45, or 8.9 percent, to close at $29.89 on the New York Stock Exchange.
Tracinda, which owns 9.9 percent of GM's common stock and is GM's third-largest shareholder, said the existing French-Japanese partnership has created "tremendous engineering, manufacturing and marketing synergies, resulting in substantial benefits and cost savings to both Renault and Nissan."
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Kerkorian: Renault, Nissan Want GM Stake 
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