Billionaire Carl Icahn on March 1 told CNBC in an interview that he owns a large stake in Newell Brands Inc., confirming a Feb. 28 report by the New York Post.
Icahn joins other activist investors including Martin Franklin and Starboard Value LP, which recently nominated three former executives of Jarden Corp. to Newell's board after reportedly launching a proxy fight to replace the company's entire board.
Icahn reportedly bought the undisclosed number of shares at $25 apiece. The billionaire believes that Newell's stock is undervalued and the company is operating in an area of the retail sector that will "survive."
A spokesperson for the company reportedly told CNBC that Newell appreciates Icahn's ownership and views, adding that the company continues to take "decisive" action to improve operational performance.
