The billionaire activist investor Carl Icahn announces plans to boost his ownership share in CVR Energy.

 

 Icahn announced Friday that Icahn Enterprises or I-E-P had submitted a proposal to boost its stake in CVR Energy from 66% ownership to 81% ownership. He plans to purchase 15 million additional shares of the company at a price of $17.50 per share to do so.

 

CVR Energy operates the Coffeyville refinery that produces 115,000 barrels-per-day as well as another refinery in Wynnewood (pronounced Winnie-wood), OK.

 

To fund the transaction, Icahn also announced he would halve I-E-P's dividend payout to 50 cents per share.

 

CVR recently suspended its third quarter dividend, contributing to its 45% share price drop for the year through the end of last week. However, CVR stocks rose 6% in Friday after Icahn's announcement.