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Icahn prepares raising stake in oil refiner CVR, WSJ reports

Icahn Enterprises LP (IEP). strategies to raise its stake in U.S. oil refiner CVR Energy. by more than 20%, the Wall Street Journal reported on Thursday.

The business, a managing shareholder of the oil refiner,. strategies to raise its stake in CVR to more than 81% by buying an. additional 15 million shares, the report stated, mentioning draft. declarations that billionaire activist financier Carl Icahn and his. firm plan to launch on Friday.

The brand-new deal will benefit shareholders from squandering at. a premium, WSJ reported, quoting Icahn from the draft statement.

To fund this and other deals, Icahn stated he is. cutting his firm's dividend payment for the 2nd time given that. short-seller Hindenburg Research began shorting IEP's bonds last. year, the report added.

Icahn Enterprises and CVR did not right away respond to. Reuters' ask for comment.

Carl Icahn owns about 66% of CVR, which runs the 115,000. barrel-per-day (bpd) Coffeyville refinery in Kansas and the. 75,000-bpd Wynnewood center in Oklahoma.

(source: Reuters)