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ICAHN ENTERPRISES L.P.

(IEP)
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Icahn Enterprises L P : CVR Energy to distribute Delek stake as special dividend

05/11/2021 | 06:08pm EDT

May 11 (Reuters) - Carl Icahn's CVR Energy on Tuesday called off its months-long fight with Delek US Holdings , saying it would distribute its stake in the rival refiner to shareholders as part of a special dividend.

CVR, the largest shareholder in Delek with an about 15% stake, initially wanted to acquire the Brentwood, Tennessee, refiner and later sought to nominate three directors to Delek's board.

Delek shareholders this month rejected CVR's candidates and elected all the eight Delek nominees to the board. (https://bit.ly/3ff4dMQ)

CVR said on Tuesday it no longer wanted to acquire another refiner and agreed to issue a $492 million special dividend, payable in cash and its shares in Delek. (https://bit.ly/3o9gDKb)

"This special dividend should allow us to monetize a gain on our investment in Delek – which would be nearly $116 million based on Delek's closing stock price on May 10," Chief Executive Officer Dave Lamp said in a statement.

Icahn Enterprises and affiliates, which own nearly 71% of CVR, would directly hold nearly 10.5% of Delek's stock after the distribution, CVR said, adding it would now focus on renewable fuels.

Delek did not immediately respond to a request for comment. (Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)


ę Reuters 2021
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Financials (USD)
Sales 2021 8 943 M - -
Net income 2021 -36,0 M - -
Net Debt 2021 - - -
P/E ratio 2021 -353x
Yield 2021 -
Capitalization 14 251 M 14 251 M -
Capi. / Sales 2021 1,59x
EV / Sales 2022
Nbr of Employees 23 833
Free-Float 99,8%
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Number of Analysts 1
Last Close Price 56,44 $
Average target price 70,00 $
Spread / Average Target 24,0%
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Managers and Directors
NameTitle
Aris Kekedjian President & Chief Executive Officer
David Willetts Chief Financial Officer
Carl Celian Icahn Chairman
Alvin Buzzy Krongard Independent Director
Michael Nevin Managing Director & Director