. However, his experience in this industry goes back much further. Icahn acquired National Energy Group, TransTexas Gas and Panaco in 2005 for $625 million, cleaned them up and sold them seventeen months later for $1.6 billion.Icahn believes that the Company could be a synergistic acquisition opportunity for CVR Energy's petroleum segment that he owns and intends to seek to have discussions with the company regarding potential transactions involving the company and CVR Energy.
This is a situation of Icahn acting as an investor, and not as a shareholder activist. He is openly trying to buy the company, so his interests are somewhat counter to other shareholders not aligned with them. There is nothing wrong with that, but this situation should not be confused with the many campaigns he launches on behalf of shareholders. While he is interested in buying the company at the best price, that does not mean that any deal would not be fair to shareholders.
At the Ira Sohn conference that year, John Paulson commented on the structure, saying "CVR Energy is a gift from Carl Icahn. Carl is generally particularly friendly to shareholders."
We need to get off oil. Next!
Let’s be clear: he made his $$$ by buying a stake in already profitable companies, then breaking them into pieces, selling the pieces and firing thousands of workers. He is a heartless monster.
The Don
We need a new creed.
'I make money by sitting behind a desk.' ... Worship me!
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Source: BusinessInsider - 🏆 729. / 51 Read more »