ICAHN GOES FOR TWO

One thing’s apparent now in Carl Icahn’s close-knit world – he’s not taking the summer off.

The billionaire investor has caught his detractors off-guard again by making runs at two of the world’s biggest companies – Kraft and Samsung – creating perhaps the biggest double-play in his long career.

Icahn is said to be planning a hostile takeover bid for Samsung Electronics, South Korea’s most valuable company at $110 billion.

Samsung said it would launch a defensive strategy aimed at Icahn and possibly other foreign buyout funds, said a report in South Korea’s Chosun Ilbo newspaper. International investors owned 49.26 percent of Samsung shares at the end of trading last week.

Meanwhile, Icahn has taken a stake in Kraft Foods, according to a report in the online version of The Wall Street Journal.

The report didn’t describe the size of Icahn’s stake or what he paid, but quoted sources as saying Icahn didn’t plan any wholesale changes at Kraft. In his past takeover moves, he’s usually sought radical changes involving replacing management, or asset sales.

The report said Kraft chief Irene Rosenfeld planned to meet next week with another activist investor, Nelson Peltz, whose Trian Fund was reported to have acquired a 3 percent stake last month in Kraft. He wants Kraft to spin off unsuccessful brands, such as Post cereals, sources said.

Peltz’s stake in Kraft is valued at $57.6 billion. Shares, which jumped $1.09 to $35.89 on Friday’s report, are down 2.5 percent for the year.

Kraft, the largest North American food maker with brands such as Oreos, Jell-O and Oscar Mayer hot dogs, recently announced plans to buy Danone’s cookie unit for $7.2 billion. It also plans to buy back $5 billion of its shares over the next two years.

Although the roles of Icahn and Peltz weren’t immediately clear, some analysts think the two billionaires may together pressure Kraft to borrow more money for more stock buybacks.

Peltz has made shakeups at several companies in which he’s bought stakes, such as ketchup giant H.J. Heinz Co., where he installed a new board slate. He also pressured Wendy’s to spin off its Tim Hortons coffeehouse chain.

Kraft, Icahn and Peltz couldn’t be reached for comment.