Icahn slashes stake in Time Warner
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Billionaire investor Carl Icahn cut his stake in Time Warner Inc. by almost half in the first quarter while adding shares of oil and railroad companies.
Icahn’s funds reduced holdings of New York-based Time Warner to 12.9 million shares from 25 million at the end of December, according to Securities and Exchange Commission filings.
He bought 3.1 million shares of oil producer Anadarko Petroleum Corp. and 4.59 million shares of oil drilling-rig contractor Pride International Inc. Icahn also added 2.68 million shares of U.S. railroad CSX Corp.
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