Icahn owns large stake in Newell Brands: sources

Carl Icahn has recently acquired a leading equity position in Newell Brands, three sources close to the situation told The Post.

The previously undisclosed position taken by the hard-charging billionaire, could put him in position to have a key role in deciding the winner of an ongoing proxy fight involving the Hoboken, NJ, maker of Rubbermaid storage containers, Graco baby strollers and Rawlings baseball gloves.

Activist hedge fund Starboard Value announced on Feb. 12 it was nominating 10 directors and demanded a new chairman and CEO for the company, whose shares have skidded 47 percent in the last year.

Icahn held his position before Starboard Value disclosed in early February its 4 percent stake, sources said.

“I’m 100 percent sure he was there before they launched,” a source said.

If Icahn owns less than a 5 percent of Newell, he isn’t required under securities laws to disclose his position.

Asked if he had taken a position in Newell, Icahn declined comment.

In response to Starboard, Newell said it wants to focus on nine consumer divisions and sell the rest of the company.

Last week, Newell added two independent nominees to its board slate.

This week, Newell said it will hold its annual meeting in May, and management is now meeting with lead investors, including Icahn, to make its case, two sources said.

Starboard has called for Newell to not sell any brands until the annual meeting. Even if it wins the proxy fight Starboard does not want Newell to hold a fire sale, one of the sources said.

Icahn has a history that indirectly involves Newell.

In the early 1980s, Icahn bought shares in glassware maker Anchor Hocking, demanding a board seat. Anchor paid Icahn a premium for his shares, and Icahn sold his position.

However, Icahn showed that Anchor was vulnerable.

Newell in 1987 bought Anchor in a hostile takeover. Ultimately, Newell sold Anchor to private equity firm Cerberus Capital, and Anchor went bankrupt.