Activist investor Carl Icahn solidified his standing as the largest shareholder in Xerox Holdings Corp. while dumping his holdings in HP Inc. in the wake of Xerox’s failed takeover attempt of the printer company.
According to a 13D regulatory filing with the U.S. Securities and Exchange Commission, Icahn Capital Management acquired 725,935 shares in the Norwalk-headquartered Xerox, which puts his ownership stake at 12.82%. At the same time, Icahn dumped his roughly 63 million shares in HP, worth approximately $1.1 billion.
Earlier this year, Icahn acquired a 4.2% share in HP when Xerox was attempting a hostile takeover of the company. Icahn had briefly raised the possibility that he would buy HP directly if Xerox could not close the deal. Xerox cited the economic turmoil of the Covid-19 pandemic as its chief reason for terminating its pursuit of HP.