Icahn No Longer Reports Stakes In El Paso, Motorola Solutions
16 Maggio 2012 - 1:31AM
Dow Jones News
Billionaire investor Carl Icahn reported in a regulatory filing
late Tuesday that he no longer had a stake in energy company El
Paso Corp. (EP), which is close to completing a sale of itself for
$21 billion.
Icahn also no longer showed a stake in Motorola Solutions Inc.
(MSI), the maker of public-safety radios, handheld scanners and
telecommunications-network equipment.
The changes in Icahn's positions were revealed in a 13F filing
that is required by many investors who manage more than $100
million. Icahn's filing represents his holdings as of March 31.
Icahn reported holding 72.3 million shares of El Paso as of Dec.
31, which was valued at about $1.9 billion at the time. The amount
represented nearly 15.7% of Icahn's total portfolio. He first
disclosed a position in El Paso last August.
In October, El Paso agreed to a merger with Kinder Morgan that
would create the largest natural-gas pipeline operator in North
America. The deal is expected to close May 24.
Icahn showed no major changes otherwise in his holdings that he
has not disclosed in other public filings.
However, Icahn omitted some information on his holdings in the
filing, an action some investment managers are permitted to take by
the Securities and Exchange Commission when they're building or
eliminating a position. Such "confidential treatment" prevents
others from piggy-backing on their investment ideas.
Confidential treatment usually applies to positions being added
by managers.
The filing is only a snapshot, though. For instance, Icahn now
has a much larger stake in CVR Energy Inc. (CVI), where Icahn has
launched a tender offer to take control of the petroleum-refining
and marketing company. Icahn and his affiliates own a little more
than 61 million shares of CVR, according to a separate SEC document
filed last week. The 13F form filed Tuesday reports only about 12.6
million shares.
Icahn may not be done tinkering with his holdings. Chesapeake
Energy Corp. (CHK) expects Icahn to disclose soon that he has taken
a significant stake in the natural-gas company, whose stock has
tumbled as its been forced to raise billions of dollars to fund its
operations and repay increasingly expensive loans.
Icahn in December 2010 disclosed a 5.8% stake in Chesapeake,
just ahead of the company's plans to sell off some assets and pay
down debt. He shortly thereafter cut his stake to under 5%,
pocketing a $158.1 million profit.
-By Paul Ziobro, Dow Jones Newswires; 212-416-2194;
paul.ziobro@dowjones.com; Twitter: @pziobro
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