Icahn buys Transocean shares

Investor's Business Daily

Shares of the provider of offshore oil and gas rig services rose to a 10-month high after takeover investor Carl Icahn bought a 1.56% stake, planning to expand his holdings in the Swiss company. Transocean (RIG) owned the BP drilling rig that caught fire and sank in April '10, killing 11 workers. Icahn seeks regulatory OK to buy an added $682.1 mil of shares, which would give him a 5% stake. Its biggest shareholder, Capital World Investors, owned 5.12% as of mid-Oct. Transocean fell 0.3%.

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