Ford Motor’s shares rose to their highest level since November after billionaire investor Kirk Kerkorian said he had amassed a 5 per cent stake and was seeking another 1 per cent of Detroit’s second-largest carmaker.

The move comes amid signs of progress on a wrenching restructuring plan at Ford, which last week reported improved first-quarter earnings and said it was on track to return to profitability next year in spite of the slowing US car market.