Icahn's CVR Energy slips after starting stock offering for Marathon refineries deal

**Shares of CVR Energy CVI.N down 2.5% to $54.50 premarket on Tues after it announces acquisition-related equity offering

** CVR kicks off $750 mln stock offering; co offering $500 mln and $250 mln of shares to be sold by indirect subsidiary of Icahn Enterprises LP IEP.O

** Co intends to use net offering proceeds it receives to fund $4.2 bln buy of St. Paul Park refinery in Minnesota and Mandan refinery in North Dakota from Marathon Petroleum MPC.N

** If acquisition is not completed, CVR intends to use net proceeds for general corp purposes

** Barclays and Jefferies joint bookrunners

** Sugar Land, Texas-based CVR has 100.53 mln shares outstanding; Icahn Capital holds 71.2 mln shares, per LSEG data

** Through Mon close, stock soared 120% YTD; shares hit record intraday high of $63.51 on Oct 14, 2026

** Of 7 analysts covering the stock, recommendation breakdown is 3 "hold", 3 "sell" and 1 "strong sell"; median PT of $47 up from $33.50 a month ago - LSEG data