CVR Energy shelves unit's public offering

Reuters News
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Posted: May 15, 2012 7:08 AM
CVR Energy shelves unit's public offering

(Reuters) - Oil refiner CVR Energy Inc, which is being acquired by billionaire investor Carl Icahn, said it has scrapped plans for a public offering of shares in majority-owned fertilizer maker CVR Partners LP.

Icahn recently won control of CVR Energy through a tender offer that valued the company at about $2.6 billion.

CVR Energy said in February that it would sell part of its investment in CVR Partners to fund a special dividend.

The next day, Icahn urged the company to sell itself, saying shareholders would be better served if CVR Energy put itself on the block instead of pursuing "limited initiatives."

(Reporting by Swetha Gopinath in Bangalore; Editing by Ted Kerr)