NOVEMBER 23, 2006

GM suffers for Renault merger failure

Billionaire investor Kirk Kerkorian has sold off 14m shares in General Motors, following the company's decision not to ally with Renault. The sale drops Kerkorian's holding in the Detroit firm to 7.4% from the previous 9.9%. GM shares have dropped around 15% in value since rumours began that Kerkorian was selling.

Billionaire investor Kirk Kerkorian has sold off 14m shares in General Motors, following the company's decision not to ally with Renault. The sale drops Kerkorian's holding in the Detroit firm to 7.4% from the previous 9.9%. GM shares have dropped around 15% in value since rumours began that Kerkorian was selling.