Carl Icahn has a sizable stake in Crown Holdings Inc. and believes the beverage-can maker should shed noncore units and buy back more stock, according to people familiar with the matter.
The billionaire activist investor has a stake worth about $700 million, making him the company’s second-largest holder, the people said.
has a market value of roughly $8 billion after its shares have lost nearly 40% so far this year. The stock plummeted last week after Crown lowered its financial outlook, blaming macroeconomic factors including inflation, higher interest rates and currency swings.
Crown Chief Executive Timothy Donahue said on a call with analysts and investors that the company also didn’t foresee “such a sudden and sharp decline” in demand for beverage cans globally.
An expanded version of this report appears on WSJ.com.
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