Icahn plans raising stake in oil refiner CVR, WSJ reports (updated)

Icahn Enterprises LP

08/11/2024 02:21

(Adds details in paragraphs 2 to 4, background in paragraph 6)
       Nov 7 (Reuters) - Icahn Enterprises LP (IEP)  IEP.O 
plans to raise its stake in U.S. oil refiner CVR Energy  CVI.N 
by more than 20%, the Wall Street Journal reported on Thursday. 
    The company, a controlling shareholder of the oil refiner,
plans to raise its stake in CVR to more than 81% by buying an
additional 15 million shares, the report said, citing draft
statements that billionaire activist investor Carl Icahn and his
firm plan to release on Friday.
    The new offer will benefit stockholders from cashing out at
a premium, WSJ reported, quoting Icahn from the draft statement.
 
    To fund this and other transactions, Icahn said he is
cutting his firm's dividend payout for the second time since
short-seller Hindenburg Research began shorting IEP's bonds last
year, the report added. 
    Icahn Enterprises and CVR did not immediately respond to
Reuters' requests for comment. 
    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.
    

 (Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Rashmi
Aich)
 ((Gnaneshwar.Rajan@thomsonreuters.com;))