04:31 AM EST, 11/08/2024 (MT Newswires) -- Icahn Enterprises ( IEP ) plans to increase its stake in CVR Energy ( CVI ) to over 81% from 66%, The Wall Street Journal reported late Thursday, citing draft statements from Icahn.

Icahn Enterprises ( IEP ), which is controlled by activist investor Carl Icahn, plans to buy up to an additional 15 million shares of CVR at a price of $17.50 per share, according to the report.

The firm intends to fund the purchase and other potential transactions by cutting its quarterly dividend by half to $0.50 per share, WSJ reported.

"Rarely have I seen a stock market with such extreme valuations - with some companies trading at unjustifiable premiums and others being massively undervalued," Icahn was quoted as saying. "These undervalued situations have created great opportunities for activists."

Icahn Enterprises ( IEP ) and CVR Energy ( CVI ) did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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