Jerry York, a key adviser to investor Kirk Kerkorian, has apologised to Ford Motor executives for predicting that the Detroit carmaker will soon sell its Volvo and Mercury divisions, reports Bernard Simon in Toronto.

Tracinda, Mr Kerkorian's holding company, disclosed in a regulatory filing that Mr York had backtracked on his "off-the-cuff" remarks. Mr York had told Automotive News that Ford was likely to put Volvo on the market within 18 months.