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Starboard cuts Newell stake in half

Activist investor Starboard Value LP has halved its stake in Newell Brands Inc., according to an Aug. 14 regulatory filing.

The filing shows that Starboard now has about 8.8 million shares in the consumer products maker, whose brands include Sharpie and Rubbermaid. The hedge fund had 18.5 million shares in Newell as of April 11.

The development comes around four months after the parties agreed to end the proxy battle, following the decision of billionaire Carl Icahn, who disclosed in March that he owns a 6.86% stake in Newell, agreed to reduce his voting bloc to three of the 12 Newell board seats after the May 15 annual shareholder meeting. As part of the deal, Newell appointed two neutral members — Gerardo Lopez and Robert Steele — to its board.

Starboard earlier this year held a 3.8% stake in Newell. It had sought to oust Newell CEO Michael Polk and replace the company's entire board.