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Fight for control of Newell draws in Icahn

Billionaire investor Carl Icahn is jumping in to the fight for control over Newell Brands, buying a minority stake in the consumer products company that has been targeted by activist investor Starboard Value LP. Newell said Monday that it's struck a deal in which Icahn will nominate four people to its board, including his son, Brett Icahn. Starboard says Newell is being led badly, and nominated its own directors for the company board.
By The News · 19 of March 2018 11:56:17
FILE - In this Oct. 11, 2007, file photo, activist investor Carl Icahn speaks at the World Business Forum in New York. Icahn is jumping in to the fight for control over Newell Brands, buying a minority stake in the consumer products company that has been targeted by activist investor Starboard Value LP. Newell said Monday, March 19, 2018, that it’s struck a deal in which Icahn will nominate four people to its board, including his son, Brett Icahn. (AP Photo/Mark Lennihan, File), No available, FILE - In this Oct. 11, 2007, file photo, activist investor Carl Icahn speaks at the World Business Forum in New York. Icahn is jumping in to the fight for control over Newell Brands, buying a minority stake in the consumer products company that has been targeted by activist investor Starboard Value LP. Newell said Monday, March 19, 2018, that it’s struck a deal in which Icahn will nominate four people to its board, including his son, Brett Icahn. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) — Billionaire investor Carl Icahn is jumping in to the fight for control over Newell Brands, buying a minority stake in the consumer products company that has been targeted by activist investor Starboard Value LP.

Newell said Monday that it’s struck a deal in which Icahn will nominate four people to its board, including his son, Brett Icahn.

Shares of Newell Brands Inc., based in Hoboken, New Jersey, jumped more than 4 percent before the opening bell Monday.

Starboard told Newell in a letter last month that the company, with almost $15 billion in annual revenue, was being led badly, and nominated its own directors for the company board. The company’s shares are down more than 40 percent in the past year.

Carl Icahn owns nearly 7 percent on Newell’s stock.