Icahn Boosts Navistar Stake |
| Wall Street Journal - Jun 8, 2012 |
Activist investor Carl Icahn raised his stake in Navistar International Corp. NAV +13.73%to about 12% from roughly 10% in November a day after the struggling truck maker realigned its management team and slashed its full-year earnings outlook.
Mr. Icahn paid $24.44 a share to boost his stake by 883,200 shares to 8.1 million, according to a regulatory filing on Friday.
Shares in the Lisle, Ill., heavy truck maker were up 8%, or $2.01, at $26.12 in morning trading on the Nasdaq Stock Market. The stock had fallen 36% so far this year, through Thursday's close.
Navistar on Thursday named Troy Clarke president of its truck, engine and parts operations, positioning the former General Motors Co. GM +0.64%executive as a possible successor to Chairman and Chief Executive Daniel Ustian, whose engine strategy was severely undermined by an unexpected second-quarter loss.
Read Full Article from Wall Street Journal
- Posted: 2012-06-08 12:02:37
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