Icahn Enterprises LP has decided to reduce its dividend payout by 50% for the third quarter, lowering it to $0.50 per depositary unit from $1 per unit in the previous quarter.
This move is part of the investment firm's plan to increase its stake in CVR Energy Inc. The firm aims to raise its ownership in CVR Energy to around 81%, up from the current 66%. This strategic decision reflects Carl Icahn's commitment to strengthening his investment in the energy sector, indicating a shift in focus for the company in response to changing market dynamics.