Icahn Reports New Stakes In Genzyme, Forest Labs At Sept 30
November 16 2009 - 7:18PM
Dow Jones News
Billionaire investor Carl Icahn reported new stakes in Genzyme
Corp. (GENZ) and Forest Laboratories Inc. (FRX), while selling his
investment in Endo Pharmaceuticals Holdings Inc. (ENDP), as of
Sept. 30, according to regulatory filings.
Icahn, known as a corporate activist unafraid to challenge
company management, reported total holdings valued at $7.33 billion
in a quarterly filing with the Securities and Exchange Commission.
Most of his largest holdings--including Biogen Idec Inc. (BIIB) and
Motorola Inc. (MOT)--were unchanged in the quarter.
Icahn reported a new 1.45 million-share investment in Genzyme, a
biotechnology company in which he previously owned a stake. He
bought 1.5 million shares in late 2007, but sold out months later
after the shares rose and company executives made it clear that
they planned to remain independent rather seek a merger or sale to
a bigger company.
This year, however, Genzyme shares haven't performed as well.
The company's stock is down more than 25% since the beginning of
2009 and as multiple manufacturing difficulties have weighed on
investor interest in it. Some Wall Street analysts have speculated
if Genzyme's prolonged production problems could make it vulnerable
to takeover by a large pharmaceutical company.
Icahn, who has a history of pushing drug makers to put
themselves on the block, also acquired 1 million shares of
specialty pharmaceutical company Forest Labs, amounting to an 0.33%
stake.
Officials from Icahn's office weren't immediately available to
comment on the newly reported stakes.
During the quarter, Icahn sold his entire stake in Endo
Pharmaceuticals, which stood at 1.13 million shares as of the end
of June.
As reported, Icahn trimmed his stake in Yahoo Inc. (YHOO) to
about 62.9 million shares, representing about 4.48% of the Internet
giant's outstanding shares. Icahn owned 75.6 million shares, about
5.4% of Yahoo, as of June 30. Last month, Icahn resigned from the
company's board, citing a need to focus on other investments and
saying he didn't believe it necessary to have an activist on the
board.
Icahn had also already reported the sales of his 14.7
million-share stake in Guaranty Financial Group Inc. (GFGF), a
holding company for Texas-based Guaranty Bank that ultimately
failed and was seized by federal bank regulators and sold to a
Spanish bank.
Monday's disclosures don't include a complete picture of Icahn's
holdings because he has been permitted to keep some of his
investments confidential. Prominent investors are sometimes
permitted to temporarily withhold information from their quarterly
reports if the disclosure would interfere with an investment
strategy.
Many investors that manage more than $100 million are required
to file 13-Fs with their stock holdings within 45 days of the end
of a given quarter, giving the public its freshest possible glimpse
into the portfolios of well-known money managers. Most hedge-fund
managers and others wait until the last possible moment to make
these filings. The third quarter's deadline is Monday.
-By Thomas Gryta, Dow Jones Newswires; 212-416-2169;
thomas.gryta@dowjones.com
(Joseph Checkler contributed to this report.)
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