Icahn's CVR Energy slides after starting stock offering for Marathon refineries deal

CVR Energy

Today 15:37

Updates stock activity, selling shareholder info
**Shares of CVR Energy CVI.N slide 11.4% to $49.52, a 7-week low, on Tues after beginning acquisition-related equity offering
** CVI stock on course for steepest one-day loss since Oct 29, 2024
** CVR kicks off $750 mln stock offering; co offering $500 mln and $250 mln of shares to be sold by IEP Energy Holding, an indirect subsidiary of Icahn Enterprises LP IEP.O
** Co intends to use net offering proceeds it receives to fund $4.2 bln buy of St. Paul Park refinery in Minnesota and Mandan refinery in North Dakota from Marathon Petroleum MPC.N
** If acquisition is not completed, CVR intends to use net proceeds for general corp purposes
** Barclays and Jefferies joint bookrunners
** Sugar Land, Texas-based CVR has 100.53 mln shares outstanding as of Oct 30; IEP Energy holds ~67.57 mln shares, per the prospectus
** Through Mon close, stock soared 120% YTD; shares hit record intraday high of $63.51 on Oct 14, 2026
** Of 7 analysts covering the stock, recommendation breakdown is 3 "hold", 3 "sell" and 1 "strong sell"; median PT of $47 up from $33.50 a month ago - LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com))