Tags: icahn | navistar | stake

Icahn Buys 9.8% Stake in Truckmaker Navistar

Thursday, 13 Oct 2011 07:38 PM

Billionaire Carl Icahn has taken a 9.8 percent stake in Navistar International Corp., making him the second-biggest holder of the maker of International brand trucks.

The purchase of 7.11 million Navistar shares by the New York-based activist investor was disclosed in a regulatory filing late Thursday. Icahn, who buys positions in companies he considers to be underperforming and then pushes for change, has held talks with the Warrenville, Illinois-based truckmaker about adding people to its board, according to the filing.

Icahn wasn’t immediately available to comment on the purchase, said Susan Gordon, a spokeswoman.

Navistar last month reported profit in the third quarter of $61 million, or 79 cents a share, excluding a tax allowance, as lower-priced fleet sales accounted for a larger share of the business. Profit was down from $107 million, or $1.44 a share, a year earlier, excluding some items.

Navistar rose 8.6 percent to $42 after the close of New York trading. The shares had fallen 33 percent this year through Thursday’s regular trading.

Icahn’s stake is second only to Wellington Management Co., which owned 7.29 million shares as of Aug. 31, according to data compiled by Bloomberg.

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