That makes three for Kirk Kerkorian, the veteran investor who has made a speciality of taking stakes in Detroit car companies. After Chrysler and General Motors, he has finally completed his rounds of the US industry by buying 4.7 per cent of Ford Motor Company.

This time, Mr Kerkorian, who has in the past tried unsuccessfully to acquire Chrysler and to prod GM into an alliance with Renault and Nissan, has indicated that he comes in peace. He is impressed by the turnround at Ford led by Alan Mulally, its chief executive.