Icahn Adds Allergan Stake; Sells Enzon Holding

  • Billionaire activist investor increased stakes in AIG, Xerox
  • Icahn reduced holdings of Nuance, PayPal, filing shows

Billionaire activist investor Carl Icahn disclosed a new stake in Allergan Plc and sold out of Enzon Pharmaceuticals Inc. and Seventy Seven Energy Inc. in the second quarter.

Icahn also boosted his stakes in activist targets American International Group Inc. and Xerox Corp., while selling some of his shares in Nuance Communications Inc. and PayPal Holdings Inc., a regulatory filing Monday showed.

The disclosure reflected the 5-for-1 reverse split of Hertz Global Holdings Inc., which formally separated its car rental and equipment rental businesses effective June 30. Icahn made two additional purchases of Hertz shares in June, boosting his total holding to 12.9 million shares, according to separate filings.

Icahn Enterprises LP, his publicly traded holding company, said this month it’s renegotiating co-manager agreements with son Brett Icahn and his investing partner David Schechter, who oversee the firm’s Sargon Portfolio.

Icahn, 80, rose to fame in the 1980s as a corporate raider has rebranded as an activist investor and outspoken shareholder advocate. Worth more than $20 billion, according to the Bloomberg Billionaires Index, Icahn primarily invests his own fortune rather than relying on money from outsiders.

(Corrects to reflect Hertz Global stock split.)
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