Form 4: Carl Icahn's Icahn Enterprises Acquires Additional Shares of CVR Energy

Carl Icahn's Icahn Enterprises reports purchasing 7,907 shares of CVR Energy at $18.21 per share, increasing their total holdings to 70,418,471 shares.

Summary

• Carl C. Icahn, Icahn Enterprises Holdings L.P., and Icahn Enterprises G.P. Inc. (collectively, the 'Reporting Persons') filed a Form 4 regarding changes in beneficial ownership of CVR Energy Inc. common stock.
• On April 29, 2025, the Reporting Persons acquired 7,907 shares of CVR Energy common stock at a price of $18.21 per share.
• Following the transaction, the Reporting Persons beneficially own 70,418,471 shares of CVR Energy common stock.
• The purchase was made pursuant to a Rule 10b5-1 trading plan adopted on February 21, 2025.
• The shares are indirectly held through various entities, including IEP Energy Holding LLC, American Entertainment Properties Corp. (AEP), AEPC Holdings LLC, Icahn Enterprises Holdings, and Icahn Enterprises L.P.
• Carl C. Icahn is the indirect holder of approximately 86% of the depositary units representing limited partnership interests in Icahn Enterprises L.P.
• The Reporting Persons disclaim beneficial ownership of the Issuer's shares of common stock except to the extent of his or its pecuniary interest therein, if any.

Sentiment

Score: 6

Explanation: Neutral sentiment as it's a routine filing of a pre-planned transaction. The increased stake could be seen as a positive signal, but it's not a major event.

Positives

• The purchase indicates continued investment and confidence in CVR Energy by Carl Icahn and his affiliated entities.

Industry Context

Carl Icahn has a history of taking activist positions in energy companies, and this purchase reinforces his significant stake in CVR Energy, potentially influencing the company's strategic direction.

Comparison to Industry Standards

• Icahn's investment strategy often involves taking large positions in companies he believes are undervalued, similar to strategies employed by other activist investors like Bill Ackman or Nelson Peltz.
• His ownership stake in CVR Energy is substantial compared to typical institutional investors, giving him significant influence over the company's decisions.

Stakeholder Impact

• The increased stake by Icahn could reassure shareholders of his continued commitment to CVR Energy.
• Employees may see this as a sign of stability, given Icahn's significant influence.

Key Dates

Keywords

CVR Energy, Carl Icahn, Icahn Enterprises, Beneficial Ownership, Form 4, Share Acquisition, Rule 10b5-1, Investment