Including the 14.2 million shares it acquired directly from MGM Mirage in October and the 350,000 it took in from its tender offer one month earlier, the investment arm of the Dubai government now owns a 6.5% stake in the company. Kerkorian, for his part, continues to control more than 50% of MGM Mirage's 299.4 million outstanding common shares through his Tracinda Corp.

Under its original agreement with MGM Mirage, Dubai World was to acquire a 50% stake in MGM Mirage's multi-billion dollar CityCenter development on the Las Vegas Strip and at least 28.4 million common shares (9.5%) of the company, half directly from MGM Mirage and half from shareholders via a tender offer. While its investment in CityCenter and its direct share purchase went off without a hitch the tender offer failed, attracting only the aforementioned 350,000 shares because MGM's share price jumped several dollars above the $84 per-share tender offer, leaving Dubai World well short of its minimum goal and out of sight of its maximum goal of a 20% stake.

With the acquisition from the Lincy Foundation, Dubai World and its subsidiaries now control 19.5 million shares of MGM Mirage, which amounts to a 6.5% stake. The latest acquisition was completed with funds provided by share forward transactions and share swap transactions, as set forth in confirmation agreements with Credit Suisse International, Deutsche Bank AG, London Branch, and The Royal Bank of Scotland plc. The agreement provide a Dubai World subsidiary with committed financing for a one year term of up to $1.2 billion to finance the acquisition of MGM common shares in open market or block purchases. The interest rate of the share forward and share swap transactions is based on 3-month LIBOR plus 2.25%.