Icahn Discloses 7.8% Stake In Crane-maker Manitowoc

Shares of crane maker Manitowoc Co. rose sharply in premarket trade Monday, after billionaire investor Carl Icahn disclosed a 7.8% stake in the company. In a filing with the Securities and Exchange Commission, Icahn called on the company to split its crane and food services businesses, and said he may seek board representation. Icahn, through various investment vehicles, has amassed a stake of 10.5 million shares worth $146.6 million. The investor has not yet held talks with the company. Shares were trading up 10% in premarket trade, but are down 10.3% on the year, while the S&P 500 has gained about 13%.