Icahn reports 9.8 percent stake in Navistar
NEW YORK (Reuters) - Billionaire investor Carl Icahn reported a 9.8 percent stake in Navistar International Corp (NAV.N) on Thursday and said the truck and engine maker's shares have been undervalued.
Icahn has held talks with Navistar's management to discuss its business and will seek to have additional conversations to discuss strategies, the investor said in a filing with the U.S. Securities and Exchange Commission.
Navistar shares rose more than 5 percent to $40.75 in aftermarket trading on Thursday. It closed up 0.3 percent at $38.68 on the New York Stock Exchange earlier on the day, valuing the company at about $2.8 billion.
The Navistar holdings are similar to the stake Icahn has in Oshkosh Corp (OSK.N), another truck maker.
Icahn has also discussed the possibility of adding his nominees to Navistar's board of directors, but no agreement has been made on the matter, the filing showed.
The activist investor, who often gets his way, has had some recent setbacks. In September, he abandoned his quest to take over the board of bleach maker Clorox Co (CLX.N), a month after failing to get his representatives voted onto the board of drugmaker Forest Laboratories Inc FRX.N.
Also in August, Icahn dumped his shares of Lions Gate Entertainment Corp (LGF.N), giving up a battle for control of the film studio.
JACKSON HOLE Wyo. - Federal Reserve Chair Janet Yellen called for a "pragmatic" approach to U.S. monetary policy on Friday, amid calls by hawkish members of the central bank's policy committee for a quick rise in interest rates due to tightening labor markets and inflationary risks. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.