El Paso (NYSE:EP)
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Billionaire investor Carl Icahn reported in a regulatory filing late Tuesday that he no longer had a stake in energy company El Paso Corp. (EP), which is close to completing a sale of itself for $21 billion.
Icahn also no longer showed a stake in Motorola Solutions Inc. (MSI), the maker of public-safety radios, handheld scanners and telecommunications-network equipment.
The changes in Icahn's positions were revealed in a 13F filing that is required by many investors who manage more than $100 million. Icahn's filing represents his holdings as of March 31.
Icahn reported holding 72.3 million shares of El Paso as of Dec. 31, which was valued at about $1.9 billion at the time. The amount represented nearly 15.7% of Icahn's total portfolio. He first disclosed a position in El Paso last August.
In October, El Paso agreed to a merger with Kinder Morgan that would create the largest natural-gas pipeline operator in North America. The deal is expected to close May 24.
Icahn showed no major changes otherwise in his holdings that he has not disclosed in other public filings.
However, Icahn omitted some information on his holdings in the filing, an action some investment managers are permitted to take by the Securities and Exchange Commission when they're building or eliminating a position. Such "confidential treatment" prevents others from piggy-backing on their investment ideas.
Confidential treatment usually applies to positions being added by managers.
The filing is only a snapshot, though. For instance, Icahn now has a much larger stake in CVR Energy Inc. (CVI), where Icahn has launched a tender offer to take control of the petroleum-refining and marketing company. Icahn and his affiliates own a little more than 61 million shares of CVR, according to a separate SEC document filed last week. The 13F form filed Tuesday reports only about 12.6 million shares.
Icahn may not be done tinkering with his holdings. Chesapeake Energy Corp. (CHK) expects Icahn to disclose soon that he has taken a significant stake in the natural-gas company, whose stock has tumbled as its been forced to raise billions of dollars to fund its operations and repay increasingly expensive loans.
Icahn in December 2010 disclosed a 5.8% stake in Chesapeake, just ahead of the company's plans to sell off some assets and pay down debt. He shortly thereafter cut his stake to under 5%, pocketing a $158.1 million profit.
-By Paul Ziobro, Dow Jones Newswires; 212-416-2194; email@example.com; Twitter: @pziobro