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June 30, 2006
Kirk Kerkorian knows how to stir a pot. In a letter to GM CEO Rick Wagoner, Kerkorian suggests that GM needs to explore a partnership with Renault-Nissan, which he apparently has already approached about such a deal. Kerkorian sees the French-Japanese alliance taking a "significant minority interest" in General Motors--a note which has sent GM shares skyward in trading today. Kerkorian himself owns nearly 10 percent of GM shares. "We believe that participating in a global partnership-alliance with Renault and Nissan could enable General Motors to realize substantial synergies and cost savings and thereby greatly benefit the company and enhance shareholder value," the letter reads, as reported by Reuters. GM's board has been convened for an urgent Friday meeting to discuss the proposal, Automotive News reported late Friday afternoon.
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