|Over a week ago|
Icahn says Icahn Enterprises may get into cryptocurrency 'in relatively big way' » 14:2805/2605/26/21
BTC, BITCOIN, $BTC, IEP
Icahn said he does not…
Icahn said he does not own any cryptocurrencies, but there "could be something to it" if the dollar continues to be devalued. Icahn said he is looking into cryptocurrencies and that Icahn Enterprises (IEP) might get involved in the space "in a relatively big way," meaning with an investment potentially of over $1B or more. Carl Icahn, CEO of Icahn Capital, is being interviewed on Bloomberg Television.
|Over a month ago|
Icahn buys FirstEnergy, cuts Herbalife in Q1 » 16:0905/1405/14/21
FE, BHC, DAN, XRX, TEN, HLF, OXY, IEP, CVI, NWL, LNG
Carl Icahn's Icahn…
Carl Icahn's Icahn Capital disclosed in an SEC filing the firm's holdings as of March 31, 2021. Icahn's one new buy during the first quarter was FirstEnergy (FE). The fund increased its stake in four holdings, including by size of previous position Bausch Health (BHC), Dana (DAN), Xerox (XRX), and Tenneco (TEN). Icahn reduced its stake in two holdings, namely Herbalife (HLF) and Occidental Petroleum (OXY). The fund's top holdings as of March 31, in order of size, were Icahn Enterprises (IEP), Occidental, CVR Energy (CVI), Newell Brands (NWL), and Cheniere Energy (LNG).
CVR Energy announces renewable fuels focus, $492M special dividend » 16:5805/1105/11/21
CVI, DK, IEP
CVR Energy (CVR)…
CVR Energy (CVR) announced that its board has determined that the company will focus on renewable fuels and is no longer interested in acquiring another crude oil refinery. In connection therewith, the board approved expenditures of up to $10M to progress its renewable diesel initiatives, including: the completion of process design to convert an existing hydrotreater at the Coffeyville refinery to renewable diesel service and the completion of process design and the ordering of certain long-lead equipment for a feed pretreater for the Wynnewood refinery to lower carbon intensity and feed cost. The pretreater design could be expandable to also process feed for the potential Coffeyville refinery renewable diesel conversion. The board has approved a special dividend of $492M, to be payable in a combination of cash and the outstanding stock of Delek US (DK) currently held by the company, pursuant to a provision in the company's Indenture under which the company retained the right to distribute to its stockholders up to $492M on or before July 26. This special dividend will be paid on June 10 to stockholders of record as of the close of market on May 26, subject to customary conditions. The stock distribution portion of this special dividend will occur in the form of a pro rata common stock dividend to each CVR Energy stockholder as of the record date. As of May 10, CVR Energy held 10,539,880 shares of Delek stock. No fractional shares of Delek stock will be distributed. Instead, CVR Energy stockholders will receive cash in lieu of any fractional share of Delek stock they otherwise would have received. Following this distribution, Icahn Enterprises (IEP), which owns approximately 71% of the company's outstanding common stock, would directly hold approximately 10.5% of Delek's outstanding common stock. The cash portion of this special dividend will be determined based on the difference between $492M and the value of the stock distribution portion as of the distribution date, with each CVR Energy stockholder as of the record date receiving a pro rata portion of such difference in cash. CVR Energy intends to announce the number of Delek shares and amount of cash per share of CVR Energy common stock to which each CVR Energy stockholder as of the record date would be entitled at a later date. The New York Stock Exchange has determined that CVR Energy's shares will trade with "due-bills" representing an assignment of the right to receive the special dividend through the ex-dividend date of June 11, the first business day following the distribution date. Stockholders who sell their shares on or before the distribution date will not be entitled to receive the special dividend. Due-bills obligate a seller of shares to deliver the dividend payable on such shares to the buyer. The due-bill obligations are settled customarily between the brokers representing the buyers and sellers of the shares. CVR Energy has no obligation for either the amount of the due-bill or the processing of the due-bill. Buyers and sellers of CVR Energy's shares should consult their broker before trading to be sure they understand the effect of the NYSE's due-bill procedures.
Icahn Enterprises reports Q1 indicative NAV $4.22B » 08:0805/0705/07/21
For the quarter ended…
For the quarter ended March 31, 2021, indicative net asset value increased by $668 million to $4.22 billion compared to $3.55 billion as of December 31, 2020.
Icahn Enterprises reports Q1 EPS 65c, one est. (24c) » 08:0705/0705/07/21
For the three months…
For the three months ended March 31, 2020, revenues were $(60) million and net loss attributable to Icahn Enterprises was $1.4 billion, or a loss of $6.34 per depositary unit. For the three months ended March 31, 2021, Adjusted EBITDA attributable to Icahn Enterprises was $435 million compared to $(1.3) billion for the three months ended March 31, 2020. For the three months ended March 31, 2021, Adjusted EBIT attributable to Icahn Enterprises was $342 million compared to $(1.4) billion for the three months ended March 31, 2020.
Icahn filing confirms exit from Herbalife Nutrition position » 10:1905/0605/06/21
In a regulatory filing,…
In a regulatory filing, Carl Icahn and his affiliated entities disclosed that he and Icahn Offshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP may be deemed to beneficially own, in the aggregate, zero shares of Herbalife Nutrition following sales that were transacted over the period of April 28 to May 6.
Icahn Enterprises appoints Aris Kekedjian as president, CEO » 08:0404/0504/05/21
In connection with the…
In connection with the continuing consolidation of all operations into its Florida office, Icahn Enterprises (IEP) announced the hiring of Aris Kekedjian, the former Chief Investment Officer of General Electric Company (GE), as President and CEO. Mr. Kekedjian will also join Icahn Enterprises' board of directors. Icahn Enterprises also announced the departures of Keith Cozza, who has served as President and CEO since 2014 and has been with Icahn Enterprises since 2004, and SungHwan Cho, who has served as CFO since 2012 and has been with Icahn Enterprises since 2006. Messrs. Cozza and Cho both indicated that they were unable to move to Florida and are departing to pursue other opportunities and spend more time with their families. Mr. Cozza will remain with Icahn Enterprises and provide transition services through May 31, 2021 and will leave the board of directors of Icahn Enterprises upon his departure. Mr. Cho will remain with Icahn Enterprises through a mutually agreeable transition period and will also leave the board upon his departure. Icahn Enterprises is currently conducting a search for Mr. Cho's successor.
Icahn Enterprises estimates Q1 indicative NAV increased by approx. $800M » 08:0204/0504/05/21
Icahn Enterprises announced that, for the first quarter, estimated indicative net asset value increased by approximately $800M, driven primarily by a $376M increase in the Investment segment. Chairman Carl C. Icahn stated: "At the beginning of the year, we significantly reduced our short positions in index funds and the market in general. However, we have kept "short hedge positions" in place on companies operating in the same industries as the companies comprising our larger activist positions. We continue to believe that the activist model that has produced exceptional returns for us over the past 45 years now offers even greater opportunities than it did in the past. We intend in the future to increase our activist activity just as we have done in the first quarter. We continue to believe many of the companies we invest in are mismanaged and/or are overlooking opportunities that will greatly enhance shareholder value. We intend to continue to correct this situation in the companies we invest in."
Icahn Enterprises to name Aris Kekedjian CEO, COO of the company, WSJ reports » 05:3404/0504/05/21
Carl Icahn said former…
Carl Icahn said former General Electric (GE) executive Aris Kekedjian will be named CEO and COO of Icahn Enterprises (IEP), Cara Lombardo of the Wall Street Journal reported, citing an interview. Current CEO Keith Cozza and CFO SungHwan Cho are leaving the firm. Reportedly, the fact that neither executive planned to relocate to the Miami area, where the firm recently moved, played a role in the decision. Reference Link
|Over a quarter ago|
Icahn may sell up to 30M shares of Occidental under trading plan » 17:2303/1203/12/21
According to a regulatory…
According to a regulatory filing, Occidental shareholder Carl Icahn said that while he still believes in the company, his investment has become somewhat of an "outsized position" in his portfolio, and thus believes it is prudent to reduce the size of his position. Therefore, on March 12, Icahn entered into a trading plan with an unaffiliated third-party broker. "The Trading Plan is intended to comply with Rule 10b5-1 under the Act, Under the Trading Plan, the Broker is authorized and directed to sell up to 30 million Shares in open market transactions on behalf of the Reporting Persons, subject to the satisfaction of certain conditions, including, among others, a minimum trading price," Icahn said in the filing. "There can be no certainty that any Shares will be sold under the Trading Plan. However, even if the sales are completed in their entirety, the Reporting Persons would still beneficially own over 77.9 million Shares with a market value in excess of $2.1 billion and would remain one of Occidental's largest shareholders. We continue to support Occidental and we continue to have confidence in Occidental's future prospects. We also intend to remain on the Board. The Trading Plan is scheduled to terminate on May 1, 2021, unless terminated earlier in accordance with its terms."