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Kerkorian cuts GM stake

DETROIT (Reuters) - Billionaire Kirk Kerkorian's Tracinda Corp. investment firm on Wednesday said it had sold $462 million of stock in General Motors Corp this week, taking its stake in the automaker to 7.4 percent from 9.9 percent.

In a U.S. regulatory filing, Tracinda said it had agreed on Monday to sell 14 million GM common shares in a private transaction for $33 per share.

Representatives of Tracinda Corp and GM could not be immediately reached for comment. Kerkorian's associate Jerry York resigned from GM's board on October 6 in a dispute over board oversight and strategy triggered by the automaker's decision not to pursue an alliance with Renault-Nissan.
Speculation that Kerkorian could be looking to reduce his stake in GM had pushed the stock sharply lower this week.
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