Trinity Says Icahn Plans to Invest $15 Million

Trinity Industries Inc., the largest U.S. maker of railroad cars, said financier Carl Icahn intends to buy more than $15 million of its stock but less than 10% of the shares outstanding. Based on Friday’s closing price of $19.50, a $15-million investment would give Icahn 769,231 shares, or 2.1% of the company’s outstanding stock. Shares of Dallas-based Trinity rose $1.28 to close at $20.78 on the NYSE. The shares had fallen 39% in a year. This is the second time in a month Icahn--known for takeover battles for Trans World Airlines Inc., Nabisco Group Holdings Corp. and USX Corp.--has been said to want a stake in a company. On Aug. 18, General Motors Corp. said the financier intended to buy up to $15 million of its common stock but less than 15% of the shares outstanding. Icahn wasn’t available to comment. In July, he filed to buy more than $15 million worth of stock of Visx Inc., the biggest maker of lasers used to correct vision. In June, he signaled interest in acquiring a 15% stake in CSX Corp., the third-largest railroad.