Tags: cvr energy | icahn

CVR Shares Rise After Icahn Takes 14.5% Stake

Sunday, 15 Jan 2012 07:55 PM

 

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Shares of CVR Energy Inc., the oil-refining company formerly owned by Goldman Sachs Group Inc., rose Friday after the company announced that entities associated with billionaire Carl Icahn invested in the company.

CVR climbed 3.6 percent to $23.05 at the close in New York, the highest price since Nov. 10, after the Sugar Land, Texas-based company issued a statement today about the Icahn investment.

Through subsidiaries including Icahn Associates Corp. and Icahn Capital LP, Icahn owned or held rights to about 14.5 percent of CVR’s shares, according to a filing with the U.S. Securities and Exchange Commission today. Icahn, known for investing in distressed companies and agitating for changes in management, couldn’t be reached for comment.

CVR has refineries in Coffeyville, Kansas, and Wynnewood, Oklahoma, capable of processing a combined 185,000 barrels a day. The company also owns a majority interest in CVR Partners LP, which produces fertilizers. CVR declined to comment beyond the statement.

Goldman Sachs and Kelso & Co. sold shares in the company in 2008 and as part of its initial public offering in 2007.

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