(Reuters) – Carl Icahn has a more than 8% stake in Crown Holdings Inc, the Wall Street Journal reported on Wednesday, adding that the activist investor believes the beverage-can maker should shed non-core units and buy back more stock.
The billionaire has a stake worth about $700 million, which makes him the company’s second-largest holder, the report said, citing people familiar with the matter.
The development comes after the company last week lowered its 2022 guidance on stronger U.S. dollar, higher energy costs in Europe, and increased interest expenses. Its shares had also slid 18% to their lowest in more than two years.
The company’s existing market value is about $8.09 billion, according to Refinitiv data.
Carl Icahn and Crown Holdings did not immediately respond to Reuters’ requests for comment.
(Reporting by Baranjot Kaur in Bengaluru; editing by Uttaresh.V)