Icahn Xeroxing the HP breakup playbook for Xerox

By Guest Contributor
November 24, 2015

The activist took a 7.1 pct stake in the faded technology icon, which appears to be in a state of permanent restructuring. The $10 bln copier maker has some decent assets inside a disappointing whole. Finding buyers for some, and milking others for cash, looks logical.

Dismal AIG earnings add fuel to Carl Icahn’s ire

November 3, 2015

The activist wants the insurer to break up and cut costs. AIG boss Peter Hancock is pledging to do the latter. But a $231 mln Q3 loss emphasizes just how much work the company still has to do to get shareholders on board. A carve-up may be painful, but it’s not off the table yet.

AIG’s post-crisis babying days are over

October 28, 2015

Carl Icahn has delivered the $80 bln insurer a rude awakening. The pushy investor isn’t satisfied with CEO Peter Hancock’s steps to boost performance and wants the company to split and shed its systemic tag. Say goodbye to any lingering sympathy for AIG’s near-death experience.

Icahn takes $150 mln of activism to political realm

October 22, 2015

The investor wants to help U.S. companies bring back $2 trln of overseas cash in return for a reduced tax that will fund infrastructure. A massive so-called super PAC will back like-minded candidates in 2016 elections. The idea makes sense, but a longer-term fix would be better.

Hertz gears up for another financial spin

August 21, 2014

Carl Icahn is the latest to buy into the struggling $14 bln car rental firm. Over nearly a century, automakers GM and Ford, an airline, a 1960s conglomerate, private equity and the public have owned Hertz. It’s a perennial investor plaything. Maybe Uber could even be next.

Discounters’ $20 bln deal may spark M&A price war

July 28, 2014

Dollar Tree has found more than enough savings to cover the 23 pct premium to be paid to Carl Icahn and other Family Dollar investors. As a percentage of revenue, though, the synergies are relatively low. That may leave room for sector giant Dollar General to lob in a bid.

Hacked eBay exposes itself to another attack

May 24, 2014

Carl Icahn buried the hatchet with the online auctioneer’s board before it came out that records of 145 mln customers were breached. Similar cracks just cost the boss of retailer Target his job. That leaves an opening for another investor to pressure eBay’s CEO and directors.

Icahn loses battle of bluster at eBay

April 10, 2014

The activist is quitting his proxy fight now that the company is appointing one new director and agreeing to talk to him. Considering Icahn had “never seen worse governance” and was right about separating PayPal, that’s a retreat. But he may yet win the spinoff war.

A field guide to shareholder-friendly activism

April 7, 2014

Agitators like Carl Icahn say they operate for the benefit of all investors. It depends on the goals and methods. Critiquing lax governance or nominating qualified new blood to a dozy board fits the bill. Special dealing doesn’t. Breakingviews shows how to spot the right animals.

Icahn targets given red alert by Dynegy debacle

By Christopher Swann
March 12, 2012

The activist’s reputation already precedes him when he turns up to agitate. Now a court-appointed official has shredded a retooling at Dynegy, where Icahn meddled and installed directors. Firms on the receiving end of his tactics, like CVR, have all the more reason to spurn him.