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Carl Icahn Just Disclosed A Huge Stake In Hertz

Julia La RocheAug 21, 2014, 01:25 IST

Billionaire investor Carl Icahn has just disclosed a huge stake in car rental company Hertz.

According to the 13-D regulatory filing, Icahn owns 38,800,000 shares of Hertz (including underlying call options), or an 8.48% stake in the company.

Icahn believes the company's shares are "undervalued," the filing states.

"The Reporting Persons intend to have discussions with representatives of the Issuer's management and board of directors relating to shareholder value, accounting issues, operational failures, underperformance relative to its peers and the Reporting Persons' lack of confidence in management," the filing states.

He may also want to seek a board seat.

Shares of Hertz have been trading lower today. You can see that they jumped on the news.