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Investor Carl Icahn Buys 9.8% Stake in Navistar

10/14/2011 11:10:00 AM
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Billionaire investor Carl Icahn bought a 9.8% stake in Navistar International Corp., making him the second-biggest holder in the company, Bloomberg reported.

The purchase of 7.11 million Navistar shares was disclosed in a regulatory filing late Thursday, Bloomberg said.

Icahn, who buys positions in companies he considers to be underperforming and then pushes for change, has held talks with the Warrenville, Ill.-based truck maker about adding people to its board, according to the filing.

Navistar’s stock price rose 8.6% to $42 per share after the close of trading Thursday. The shares had fallen 33% this year, Bloomberg reported.

Navistar last month reported a third-quarter profit of $61 million, or 79 cents a share, excluding tax gains, and said it would undertake a 5% stock buyback.

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