Fight for control of Newell draws in Icahn

NEW YORK (AP) — Billionaire investor Carl Icahn is jumping in to the fight for control over Newell Brands, buying a minority stake in the consumer products company that has been targeted by activist investor Starboard Value LP.

Newell said Monday that it’s struck a deal in which Icahn will nominate four people to its board, including his son, Brett Icahn.

Shares of Newell Brands Inc., based in Hoboken, New Jersey, jumped more than 4 percent before the opening bell Monday.

Starboard told Newell in a letter last month that the company, with almost $15 billion in annual revenue, was being led badly, and nominated its own directors for the company board. The company’s shares are down more than 40 percent in the past year.

Carl Icahn owns nearly 7 percent on Newell’s stock.

Free News Delivery by Email

Would you like to have the day's news stories delivered right to your inbox every evening? Enter your email below to start!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.