Billionaire invests in Transocean after Macondo bill

Wanting more: Billionaire investor Carl Icahn is known for buying stakes in companies while they are underperforming and pushing for change

REUTERS/SCANPIX

related stories

By Danica Newnham; News Wires

 14 January 2013 05:37 GMT

Offshore rig giant Transocean has revealed that US billionaire financier Carl Icahn has acquired a 1.56% stake in the company and is looking to expand that holding.

The company notified the Swiss Stock Exchange on Sunday of Icahn’s intention to acquire shares worth more than $682.1 million.

If he gets approval, Icahn would become one of Transocean’s largest shareholders with just over 5% of the company, Reuters stated based on Transocean’s closing stock price of $54.09 on 11 January.

According to Thomson Reuters data, the company’s bigger shareholder is Capital World Investors, which held a 5.12% stake as of 15 October.

This move has come just 10 days after Transocean agreed to pay $1.4 billion in penalties for its role in…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index