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Carl Icahn sells over half his Herbalife stake for US$600 million - WSJ

Carl Icahn has sold more than half his stake in Herbalife Nutrition Ltd for US$600 million and is planning to give up the five seats on the board held by his representatives, the Wall Street Journal reported on Sunday.

FILE PHOTO: An Herbalife logo is shown on a poster at a clinic in the Mission District in San Franc
FILE PHOTO: An Herbalife logo is shown on a poster at a clinic in the Mission District in San Francisco, California April 29, 2013. REUTERS/Robert Galbraith
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REUTERS: Activist investor Carl Icahn has sold more than half his stake in Herbalife Nutrition Ltd for US$600 million and is planning to give up the five seats on the company's board held by his representatives, the Wall Street Journal reported.

Icahn, who had a 15.5per cent stake in Herbalife as of Sept. 30, sold about 10per cent back to the company in recent days, the newspaper reported on Sunday, citing people familiar with the matter.

That has left him with a roughly 6per cent stake, worth US$400 million, in the multi-level marketing company, whose products include dietary supplements, according to the report https://on.wsj.com/3b4a4UR.

Representatives for Icahn and Herbalife did not immediately respond to Reuters' requests for comment on Sunday.

Icahn began buying Herbalife shares in 2013 while extolling the company and had since been its largest shareholder.

(Reporting by Kanishka Singh in Bengaluru; Editing by Himani Sarkar and Christopher Cushing)

Source: Reuters