🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Icahn Enterprises plans to halve dividend, increase CVR Energy stake- WSJ

Published 11/07/2024, 08:55 PM
© Reuters.
IEP
-
CVI
-

Investing.com-- Icahn Enterprises LP (NASDAQ:IEP), led by the eponymous activist investor, plans to slash its dividend by half to fund a substantial increase in its stake in CVR Energy Inc (NYSE:CVI), the Wall Street Journal reported on Thursday.

Icahn Enterprises is the controlling shareholder in CVR with a 66% stake, and plans to boost its holdings in the firm to more than 81% by buying up to 15 million additional shares, the WSJ report said, citing drafts of a statement Icahn plans to release on Friday.

Icahn enterprises is now expected to pay a quarterly dividend of 50 cents, its second major dividend cut in recent years. The firm had last year slashed its dividend in half after a short seller report from Hindenburg Research alleged the firm was overvalued, had inflated its asset prices and was paying an unsustainable dividend. 

Carl Icahn had denied the allegations in the report.

Icahn Enterprises is set to report its quarterly earnings on Friday morning. 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.