Icahn Enterprises launches public bid to boost stake in CVR Energy

Reuters12-06

Dec 6 (Reuters) - Billionaire activist Carl Icahn's investment firm Icahn Enterprises unveiled a slightly sweetened public bid on Friday to boost its stake in refiner CVR Energy to 84%.

CVR Energy shares rose nearly 4% in early morning trade.

Icahn Enterprises, which currently owns 66.3% of CVR shares, said it has commenced a cash tender offer to buy roughly 17.8 million additional shares in the refining firm at $18.25 per share.

The purchase price represents a slight discount to CVR's last close but is more than the offer Icahn Enterprises made last month to buy 15 million additional shares in the Texas-based refiner for $17.50 to increase its stake to 81.3%.

CVR Energy did not immediately respond to a request for comment.

The mildly enhanced offer comes at a time when refining margins have slumped, driven by sluggish demand and an expansion in global refining capacity.

CVR Energy operates a 115,000-barrel-per-day (bpd) Coffeyville refinery in Kansas and a 75,000-bpd Wynnewood facility in Oklahoma.

(Reporting by Vallari Srivastava in Bengaluru; Editing by Vijay Kishore)

((Srivastava.Vallari@thomsonreuters.com;))

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