Carl Icahn eyes scandal mired FirstEnergy
One of the country’s largest electric utilities is under SEC and Dept. of Justice scrutiny
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AKRON, Ohio — Billionaire investor Carl Icahn has signaled an interest in making a large purchase of voting shares from one of the country’s largest electric utilities, which is currently under investigation for its role in an Ohio bribery scandal.
Akron-based FirstEnergy officials announced Thursday during an annual investor call that it received a letter from Icahn Capital LP on Tuesday saying the company has a “present good faith intention” to buy more than $184 million in voting shares but less than $920 million.
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FirstEnergy’s stock price reached $35.11 in midafternoon trading Thursday after opening at $31.59 and closed up more than 7%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FE | FIRSTENERGY CORP. | 33.14 | -0.37 | -1.10% |
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The company does not know what Icahn’s intentions are or whether he has purchased stock to this point, FirstEnergy Chief Financial Officer John Taylor said.
A message seeking comment was left with Icahn.
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FirstEnergy is a target of investigations by the U.S. Department of Justice and the U.S. Securities and Exchange Commission. The company has been accused of secretly funding a $60 million bribery scheme involving the former Ohio House speaker and others to win passage of a $1 billion bailout for two Ohio nuclear power plants operated by a wholly-owned subsidiary.