Kerkorian Calls off the Dogs

DETROIT: Disgruntled Chrysler shareholder and takeover nemesis Kirk Kerkorian has agreed to not increase his stake in the automaker for five years. The move brings to an abrupt halt a rough takeover fight that had played out over much of the past year, as Kerkorian unsuccessfully tried to wrest control of the company. In return for peace, Kerkorian lieutenant James Aljian will get a seat on Chrysler’s board. Chrysler also agreed to buy back an additional $3 billion worth of company stock. The move could increase the value of Chrysler stock, and the value of Kerkorian’s 54 million-share 13.6 percent stake in the company, which is what many observers feel Kerkorian has really been trying to bring about all along.