Icahn takes $1.2bn stakes in HP, pushes for merger with printer-maker Xerox

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Icahn takes $1.2bn stakes in HP, pushes for merger with printer-maker Xerox

Carl Icahn, 83, the American activist investor, businessman and philanthropist, founder and controlling stakeholder of Icahn enterprises, a NY-based conglomerate holding company, had purchased a $1.2 billion worth of stakes in Palo Alto, CA-based personal computer manufacturer Hewlett Packard Inc., often abbreviated as HP Inc., while Icahn’s Icahn Enterprise, formerly known as the American Real Estate Partners, had also been pushing for HP Inc.’s merger with Rochester, NY-based printer manufacturer Xerox Corp.

which has production lines in more than 160 countries, arguing that a HP-Xerox merger could brew off a bigger profit for the investors, a Wall Street Journal report published late on Wednesday, the 13th of November 2019, had revealed citing sources familiar with the subject-matter.

On top of that, Wednesday’s (November 13th) Wall Street Journal report has also revealed that the controlling stakeholder of Icahn Enterprises, Carl Icahn, who owns a 10.6 per cent stake in the printer maker Xerox Crop., now owns a 4.24 per cent stake of HP Inc.

following his purchase of $1.2 billion worth of shares. Meanwhile, without disclosing the number of HP shares Icahn had purchased, an HP spokeswoman was quoted saying following reveal of the Wall Street Journal report that HP Inc.

was well-aware of Icahn’s investment and would do what could preserve the best interests for all HP shareholders. Besides, HP Inc. shares remained unchanged following reveal of the news, while Xerox Corp. climbed 0.40 per cent at late-afternoon US trading hours to wrap up the day at $37.60 per share.