Carl Icahn owns 4% stake in International Flavors & Fragrances, sources say
Shares of the New York-based fragrance company popped about 2% following the news.
Icahn, founder and chairman of Icahn Enterprises, is a longtime activist investor. Most recently, Icahn took a sizeable stake in Southwest Gas as he pushes the Las Vegas-based utility company to drop its acquisition of natural gas company Questar Pipeline.
Separately on Thursday, International Flavors & Fragrances named Frank Clyburn chief executive officer effective Feb. 14, succeeding Andreas Fibig. Clyburn joined IFF from Merck.
In late 2019, International Flavors & Fragrances merged with DuPont’s nutrition and biosciences unit, creating a $45 billion consumer giant.
IFF, which creates flavors and fragrances, works with global brands to develop scents and tastes for products that are household names.
Shares of IFF have fallen about 6% year to date after rallying 38% last year.