US billionaire Kirk Kerkorian is to join car giant Ford and increase his share to more than 5 per cent, reports said Monday.
Since early April, the private holding Tracinda has bought a 4.7 per cent stake in Ford, according to an announcement Monday, according to the dpa.
Kerkorian intends to spend 170 million dollars on 20 million shares bringing the total stake to 5.6 per cent.
Tracinda offers shareholders 8.50 dollars per share - an increase of 13.3 per cent on the premium over the 7.50 dollar closing price on April 25.
In the first quarter of 2008, Ford posted a profit of 100 million dollars last week.