Icahn pays $335M cash for direct PSC Metals control [UPDATE]

Nov 06, 2007 | 11:22 AM | Paul Schaffer

Icahn Enterprises LP, New York, has paid $335 million in cash to bring scrapyard group PSC Metals Inc., Cleveland, under its direct control.

The transaction removes PSC Metals from its longtime parent, Philip Services Corp., Houston, which came into Carl C. Icahn's orbit in 2003 after emerging from bankruptcy court protection.

Icahn, chairman of publicly traded Icahn Enterprises, is indirect owner of a 95.6-percent interest in Philip Services, so the deal was vetted by the buyer's independent directors and by an outside financial adviser, the new owner said in a statement.....

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