BBC Homepage World Service Education
BBC Homepagelow graphics version | feedback | help
BBC News Online
 You are in: Business
Front Page 
World 
UK 
UK Politics 
Business 
Market Data 
Economy 
Companies 
E-Commerce 
Your Money 
Business Basics 
Sci/Tech 
Health 
Education 
Entertainment 
Talking Point 
In Depth 
AudioVideo 



The BBC's Patrick Bartlett
"DaimlerChrysler has dismissed both suits as completely without merit"
 real 56k

Tuesday, 28 November, 2000, 16:46 GMT
Gambler takes on DaimlerChrysler
Las Vegas strip
Kirk Kerkorian made his name and reputation in Las Vegas
The billionaire investor Kirk Kerkorian is to sue one of the world's largest car companies, alleging that it deceived its shareholders about the nature of its merger with Chrysler.

Already, pundits say his chances with DaimlerChrysler are slim, but Mr Kerkorian's career has been built, quite literally, on gambling.

The 83-year old Beverly Hills millionaire made his reputation and his fortune in Las Vegas and his name looms large in any history of the gambling mecca.

The son of Armenian immigrants began his career buying and selling surplus military airlines.

He then began to build his fortune with an airline company that took gamblers from California to Las Vegas.

Casinos and hotels

He eventually diversified into casinos, building the MGM Grand, the world's biggest hotel with more than 5000 rooms.

He also gained control of MGM studios for a time before selling most of its assets at a profit - and then did the same thing again.

In the l980s, he was famed as a corporate raider, buying stakes in companies who were prepared to buy him out rather than being taken over.

In 1990, he began buying up Chrysler shares.

He is DaimlerChrysler's third largest shareholder with about 4% held through his investment firm Tracinda Corp.

Prior to the merger, he was Chrysler's largest shareholder, with a 13.75% stake.

His $23bn bid for the company in 1995 failed and, in appeasement, he was given a place on the board.

The financier grew up in California's San Joaquin Valley in an Armenian community and has donated heavily to Armenian charities.

In 1998, he donated a $200m lump sum to the landlocked ex-Soviet Republic.

His holding company is Tracinda Corp, called after his daughters Tracy and Linda.

He has been married three times and has three children.

Search BBC News Online

Advanced search options
Launch console
BBC RADIO NEWS
BBC ONE TV NEWS
WORLD NEWS SUMMARY
PROGRAMMES GUIDE
See also:

27 Nov 00 | Business
DaimlerChrysler sued for $9bn
03 Jun 00 | Business
Automotive Empires
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories