NEWS： Investment tycoon Icahn buys HP shares
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The Wall Street Journal reported on Wednesday that Carl Icahn, a US investment tycoon, has bought $1.2 billion in shares in HP (HPQ. N), and is now pushing for a merger between HP and Xerox (XRX. N), which he believes will bring huge profits to investors.
Icahn already owns 10.6% of Xerox. Icahn currently holds a 4.24 stake in HP, according to the Wall Street Journal. (here)
Last week, Reuters reported that Xerox had offered HP $33 billion in cash plus shares. HP is more than three times the size of Xerox. HP confirmed Xerox's bid, but did not disclose its offer.
"I think it's an obvious good idea to merge," the Wall Street Journal quoted Icahn as saying.
"I have strong confidence in the overall effectiveness of the merger," he said, adding that "I may choose between cash and stocks later. If there is a good management team, I would be very willing to choose stocks."
Xerox believes it can build an office technology supply giant to create synergies of at least $2 billion a year, a source told Reuters last week.
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