Kerkorian Looks to Take Ford Driver's Seat

Currently, analysts see few routes that Ford could take in terms of dealmaking or asset sales -- beyond a sale of the company or a merger -- that Mulally wouldn't pursue if it made business sense.

Ford's finance arm, Ford Credit, probably wouldn't win a high valuation in a sale, because it's unlikely that it could boost its credit ratings as a stand-alone company. That was the rationale for GM's sale of its finance arm, GMAC, and it proved to be without merit.

Other Ford assets -- like Mercury, Volvo and Mazda -- would likely be sold by Mulally if he found a deal that made sense. Ford recently announced the sale of Land Rover and Jaguar.

Meanwhile, Kerkorian hasn't called for any changes yet at Ford as he did at GM. Perhaps he'll remain passive in the hope that Ford will continue to progress in its turnaround. If the economic downturn should prove more perilous for the company than it has so far, Kerkorian could then find himself in a strong position to pressure the controlling family into a sale.

Calyon Securities analyst Mark Warnsman says it is unlikely that the Fords will relinquish any control over the company.

"The family held on through the early 1980s, when the situation was much worse, and many of the same players are still there," Warnsman says. "They seem to see themselves as inextricably linked to the company. Dynastic families do walk away from their companies, as we've seen elsewhere recently, but the family hasn't given any indication that it's going to.

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