Acf Here to Aid Icahn Move May Be Used to Force Rjr Nabisco Spinoff

By 1996, Bloomberg Business News | St Louis Post-Dispatch (MO), February 13, 1996 | Go to article overview

Acf Here to Aid Icahn Move May Be Used to Force Rjr Nabisco Spinoff


1996, Bloomberg Business News, St Louis Post-Dispatch (MO)


Corporate raider Carl Icahn plans to use ACF Industries Inc. to raise $250 million to finance new investments. He may be preparing to devote more money to his pursuit of RJR Nabisco Holdings Corp.

Icahn and Brooke Group Ltd. Chairman Bennett LeBow are partners in an attempt to force RJR to spin off its food unit to shareholders. Icahn's past acquisitions include USX Corp. and Trans World Airlines Inc.

ACF Industries Inc., an Earth City-based railcar manufacturer and lessor, filed with the Securities and Exchange Commission to sell 250,000 units, each consisting of bonds and options, at $1,000 each.

The company said it will use the proceeds to refinance debt and to make investments.

"It could very well go to RJR," Standard & Poor's analyst Betsy R. Snyder said of the expected $238 million in net proceeds from the sale. "With Carl Icahn it could be used for anything."

Icahn, ACF's chairman, didn't return a call. Janet Kniffen, secretary of the company, declined to comment, as did LeBow's spokesman and RJR Nabisco spokeswoman Carol Makovich. …

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