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Activist Carl Icahn Seeks Seats on FirstEnergy’s Board

  • Billionaire investor seeks two seats but not control of board
  • FirstEnergy embroiled in scandal over former nuclear unit
Carl Icahn
Carl IcahnPhotographer: Victor J. Blue/Bloomberg
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Activist investor Carl Icahn is in discussions with FirstEnergy Corp. about potentially taking two seats on the board of the utility, according to people familiar with the matter.

The billionaire investor has built a sizable stake in FirstEnergy and is focused on helping the company put a federal corruption scandal and other issues behind it to narrow the valuation gap between FirstEnergy and its peers, the people said, asking not to be identified because the matter is private. Icahn isn’t seeking control of the board, in part, because the utility sector is so heavily regulated when its comes to changes of control, they said.