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Carl Icahn Says He Bought a Stake in Botox-Maker Allergan

By on May 31, 2016

NEW YORK – Activist investor Carl Icahn says he bought a “large” stake in Botox-maker Allergan and said he’s supportive of the company’s CEO, Brent Saunders.

NEW YORK, NY - NOVEMBER 03:  Chairman of Icahn Enterprises Carl Icahn participates in a panel discussion at the New York Times 2015 DealBook Conference at the Whitney Museum of American Art on November 3, 2015 in New York City.  (Photo by Neilson Barnard/Getty Images for New York Times)

Chairman of Icahn Enterprises Carl Icahn (Photo by Neilson Barnard/Getty Images for New York Times)

Icahn did not disclose how much of a stake he bought.

“We have every confidence in Brent’s ability to enhance value for all Allergan shareholders,” Icahn said on his website .

Allergan acknowledged the investment Tuesday and said that it has “no reason to believe” that Icahn wants to influence management or control the company.

The investment comes more than a month after the Irish company and U.S. drugmaker Pfizer scrapped plans to combine in a $160 billion deal. The tie-up was killed after the Treasury Department created rules aimed at blocking American companies from moving corporate addresses overseas to reduce U.S. taxes.

Shares of Allergan PLC rose 9 cents to $236.03 in afternoon trading Tuesday. They had risen to $242.35 earlier in the day. Allergan shares are down 23 percent over the past year.

The Associated Press

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