GM stocks repurchased

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MORESanta Anita opens winter meet Saturday with loaded card GM’s shares fell to a 23-year low after Kerkorian’s sale in December. In trading Wednesday on the New York Stock Exchange, GM shares rose 80 cents, or 3 percent, to $23.85. Kerkorian’s SEC filing was released after the markets closed, and the shares rose an additional 15 cents to $24 in after-hours trading. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! DETROIT – Billionaire investor Kirk Kerkorian is acquiring 12 million shares of General Motors Corp. stock, matching the number of shares he sold in December, a federal regulatory filing showed on Wednesday. Kerkorian’s private equity firm, Tracinda Corp., bought 5 million shares of GM stock on Monday for an average purchase price of $21.40, or approximately $107 million, it said in a filing with the Securities and Exchange Commission. On Tuesday, Tracinda agreed to purchase an additional 7 million GM shares in a private transaction for $22.25 per share, or approximately $155.8 million. Those purchases would boost Kerkorian’s stake in the world’s largest automaker to 9.9 percent, the same as it was before Beverly Hills-based Tracinda Corp. sold 12 million shares in December. Tracinda said at the time that it sold the shares so that it could end its fiscal year with a capital loss, making it eligible for certain federal and California income tax breaks. But it left open the possibility of reacquiring shares, and it waited only a short time after so-called wash rules lapsed. Federal tax rules prohibit a taxpayer from claiming a loss on the sale of stock if replacement shares are acquired within 30 days. last_img read more