Icahn purchases 9.8 percent stake in Navistar

Billionaire Carl Icahn has taken a 9.8 percent stake in Navistar International Corp., making him the second-biggest holder of the maker of International brand trucks.

The purchase of 7.11 million Navistar shares by the New York-based activist investor was disclosed in a regulatory filing. Icahn, who buys positions in companies he considers to be underperforming and then pushes for change, has held talks with the Warrenville-based truck maker about adding people to its board, according to the filing.

Icahn wasn't immediately available to comment on the purchase, said Susan Gordon, a spokeswoman.

Navistar last month reported profit in the third quarter of $61 million, or 79 cents a share, excluding a tax allowance, as lower-priced fleet sales accounted for a larger share of the business. Profit was down from $107 million, or $1.44 a share, a year earlier, excluding some items.

Icahn's stake is second only to Wellington Management Co., which owned 7.29 million shares as of Aug. 31, according to data compiled by Bloomberg.