Carl Icahn Bets Big On CVR While Slashing IEP Dividend In Half

Carl Icahn, the renowned billionaire investor, is planning to increase his firm’s stake in CVR Energy, Inc. (NYSE:CVI) while significantly reducing its dividend payout.

What Happened: Icahn Enterprises (NASDAQ:IEP), the investment firm controlled by Icahn, is proposing to increase its stake in CVR Energy by over 20%. This move is aimed at capitalizing on what Icahn perceives as an undervalued market, reported The Wall Street Journal, citing drafts of statements.

The firm plans to achieve this by purchasing up to 15 million additional shares, raising its holdings to over 81% of CVR’s shares.

Despite the recent drop in CVR’s share price, Icahn Enterprises believes the company is undervalued and that shareholders would benefit from a premium ...

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