Billionaire activist investor Carl Icahn gave shares of Anadarko Petroleum Corp. a lift on Wednesday after disclosing his $2.27 billion fund bought a stake in the company.
Icahn, who recently failed in a proxy fight with Motorola Inc. and launched a takeover attempt for WCI Communities Inc., disclosed changes to his Icahn Management LP fund during the Jan. 1 to March 31 quarter in a late-Tuesday filing with the Securities and Exchange Commission.
Icahn upped his holdings of WCI Communities, a luxury homebuilder, to 4.8 million shares, from 1.5 million held at the end of 2006.
The investor recently offered $22 per share to buy the company, and has nominated a new slate of directors. The company's existing board has resisted overtures and asked shareholders to do the same.
Shares rose 83 cents, or 4.1 percent, to $20.88 after the company said it is willing to entertain higher offers.
The fund also disclosed a new 3.1 million share stake in Anadarko Petroleum Corp., an independent oil and gas producer. Shares rose $1, or 2.2 percent, to $47.47.
Shares of Telik Inc. rose 19 cents, or 3.3 percent, to $5.96. Icahn's fund doubled its stake in the Palo Alto, Calif.-based biotech drug maker to 4.2 million shares.
The fund sold its 2 million share stake in Take-Two Interactive Software Inc., which makes the bloody and popular video game series "Grand Theft Auto." In late March, a group of Take-Two's shareholders successfully ousted five of the company's directors, as well as the CEO.
Shares of Take-Two shed 7 cents to $19.05.
The latest filing shows the fund took a 9.4 million share stake in cell phone handset maker Motorola Inc. The company recently fended off a proxy fight by Icahn, who wanted a seat on the 13-member board.
Shares rose 27 cents to $18.19.
Between Jan. 1 and March 31, Icahn's fund also made several other moves, including:
- Selling its 6.8 million share stake in Federated Department Stores Inc., operator of Macy's and Bloomingdale's. The company on Wednesday said it swung to a first-quarter profit but adjusted earnings missed Wall Street estimates.
- Selling a 4.1 million stake in Hilton Hotels Corp.
- Reducing its stake in media conglomerate Time Warner Inc. by 7 million shares to 12.9 million.
- Buying a 2.7 million share stake in railroad operator CSX Corp.
- Lifting its stake in Temple-Inland Inc. to 5.8 million shares, from 4.2 million. About two months ago, at the urging of Icahn, the company said it would separate into three stand-alone public companies.
Source : biz.yahoo.com
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