Carl Icahn's Toxic Takeover

Industrial-waste giant Philip gives the raider a heap of trouble

Carl Icahn has squared off against some of the biggest names in business over the years--from Texaco to Western Union to RJR Nabisco. Usually, the 62-year-old corporate raider has walked away richer after finding an undervalued property--such as Trans World Airlines Inc.--and pushing through major restructuring and refinancing programs. But his latest target, Canada's Philip Services Corp., is testing Icahn's mettle. Seven months after he started buying into the $2 billion industrial-waste giant, the company is teetering. "I think there's going to be a lot of pain," says Icahn. "But there's a chance to save the company long term."

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