Business News
Kerkorian's Tracinda buying into Delta Petroleum
Dec 31, 2007, 18:25 GMT
Washington - US multi-billionaire Kirk Kerkorian is buying a 35 per-cent stake in Delta Petroleum Corp for 684 million dollars in a deal that will help Delta speed up drilling, the Denver-based energy company said.
Kerkorian's Tracinda corporation is paying 19 dollars a share, a 23 per cent premium over Friday's closing price.
Delta stockholders must still approve the sale, which would give Tracinda the right to nominate up to a third of Delta's board.
Delta Petroleum is active on the Gulf of Mexico coast and in the Rocky Mountains.
Kerkorian, 90, one of the ten richest people in the US, controls such firms as MGM Mirage, the world's second largest casino chain.
© 2007 dpa - Deutsche Presse-AgenturCOMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
