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Icahn takes Transocean stake, seeks more

Keywords: Tags  Carl Icahn, Transocean, Deepwater Horizon, Capital Group, Thorsten Schier

NEW YORK — Investor Carl Icahn has taken a nearly 1.6-percent stake in Transocean Ltd., the world’s largest offshore drilling contractor, and is looking to add to his position.

Icahn also holds synthetic long positions in the company that would bring his stake to 1.7 percent and is seeking more than $682.1 million in shares, the company said. This would represent at least 3.5 percent of the company’s shares outstanding at the Jan. 11 closing price of $54.09 per share, according to AMM’s calculations, potentially bringing Icahn’s holdings to more than 5 percent.

Only one other party, Los Angeles-based Capital Group Cos. Inc., held more than 5 percent in Transocean as of March 21, 2012, according to the company’s 2011 annual report.

The Zug, Switzerland-based company recently agreed to pay $1.4 billion in a settlement with the U.S. Justice Department to resolve claims resulting from a 2010 accident at the Deepwater Horizon drill rig in the Gulf of Mexico.

Icahn recently launched a failed attempt to merge St. Charles, Mo.-based American Railcar Industries Inc., which he controls, with Lake Oswego, Ore.-based Greenbrier Cos. (, Dec. 28).

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