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BNET Daily Dispatch: Kerkorian, Ford, Longs, and Citigroup

  • Kirk Kerkorian is after Chrysler again and has offered to buy the struggling carmaker for $4.5 billion. Kerkorian failed to acquire Chrysler in a hostile takeover during the mid-1990s. Several private equity firms are said to be vying for Chrysler, including Cerberus Capital Management and Blackstone group.
  • Ford awarded its CEO, Alan Mulally, $39.1 million last year despite working for only four months, according to Ford's proxy filing with the SEC. Mulally's took in a prorated $666,667 salary, an $18.5 million bonus, $19.6 million of stock and option awards, and $334,433 of other compensation. Last year Ford lost $12.7 billion.
  • Citigroup applied for a $14.3 billion line of credit from three of Japan top banks and others to fund its acquisition of brokerage firm Nikko Cordial, according to people involved in the deal. Analysts say Citigroup has the cash to buyout Nikko Cordial, but it wants to take advantage of Japan's low interest rates and reduce exchange rate-related risks.
  • Rite Aid and Longs Drug Stores said today they would swap six stores under Longs' plan to shed 31 stores by the end of its fiscal year. Rite Aid will get six Longs store, including three in Washington, two in Oregon, and one in California. Longs will receive six Rite Aid store in Northern Nevada.

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