(Reuters) – Icahn Enterprises LP (NASDAQ:) plans to boost its stake in U.S. oil refiner CVR Power (NYSE:) by greater than 20%, the Wall Avenue Journal reported on Thursday.
The corporate, a controlling shareholder of the oil refiner, plans to boost its stake in CVR to greater than 81% by shopping for an extra 15 million shares, the report stated, citing draft statements that billionaire activist investor Carl Icahn and his agency plan to launch on Friday.
The brand new supply will profit stockholders from cashing out at a premium, WSJ reported, quoting Icahn from the draft assertion.
To fund this and different transactions, Icahn stated he’s reducing his agency’s dividend payout for the second time since short-seller Hindenburg Analysis started shorting IEP’s bonds final yr, the report added.
Icahn Enterprises and CVR didn’t instantly reply to Reuters’ requests for remark.
Carl Icahn owns about 66% of CVR, which operates the 115,000 barrel-per-day (bpd) Coffeyville refinery in Kansas and the 75,000-bpd Wynnewood facility in Oklahoma.
