Investing.com– Icahn Enterprises LP (NASDAQ:), led by the eponymous activist investor, plans to slash its dividend by half to fund a considerable enhance in its stake in CVR Power Inc (NYSE:), the Wall Road Journal reported on Thursday.
Icahn Enterprises is the controlling shareholder in CVR with a 66% stake, and plans to spice up its holdings within the agency to greater than 81% by shopping for as much as 15 million extra shares, the WSJ report stated, citing drafts of an announcement Icahn plans to launch on Friday.
Icahn enterprises is now anticipated to pay a quarterly dividend of fifty cents, its second main dividend reduce in recent times. The agency had final yr slashed its dividend in half after a brief vendor report from Hindenburg Analysis alleged the agency was overvalued, had inflated its asset costs and was paying an unsustainable dividend.
Carl Icahn had denied the allegations within the report.
Icahn Enterprises is about to report its quarterly earnings on Friday morning.
