Carl Icahn Buys Stake In Talisman Energy Inc (NYSE:TLM)

Posted by admin October 9, 2013 0 Comment 887 views

Carl Icahn seems to be on a roll. On Monday, the billionaire investor revealed that he owned a 6% stake in Talisman Energy Inc (NYSE:TLM). But the shares did a downturn and dropped 2.3% on the news, on Tuesday. The expectation had been that his appearance on the scene would somehow lead to a certain corporate turnaround but investors seem to think otherwise.

Other developments

Over the past couple of days, Icahn has also placed 2 of his own representatives on the Nuance Communications board. Previously, he was at the head of boardroom shakeups at Transocean Ltd and Chesapeake Energy. On Monday he announced that he had bought a 5.97% stake in Talisman Energy Inc (NYSE:TLM) for approximately $277M. This brought forth talk of a sale or a spilt-up of the Canadian company that has been struggling to maintain ground for some time now. The minute an activist investor like Icahn enters the scene, there is bound to be some sort of change in the workings and market reaction

Tuesday’s trading session

In Tuesday’s trading, Talisman Energy Inc (NYSE:TLM) dropped by 2.35%. The shares opened at a price of $13.38, which was the intraday high and dipped to a close of $12.45. Approximately 53.42 million shares were traded on Tuesday while an average volume of 5.47 million shares were traded over a 30 day period. The 52-week low of Talisman Energy Inc (NYSE:TLM) shares is $10.34 and its 52-week high is $666.00. The company has a market capitalization of $13.43 billion.

The company

Talisman Energy Inc (NYSE:TLM) was incorporated on 1 May 2010. It is an O&G producer via a combination of exploring, developing and acquiring oil and natural gas well. It is engaged in business activities such as exploring, developing, producing, transporting and marketing crude oil, natural-gas and natural-gas liquids. The company’s 3 main operating-areas are North America, Southeast Asia and the North Sea.

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