Carl Icahn acquires ‘large position’ in Allergan

Billionaire investor Carl Icahn has acquired a "large position" in Irish-based Botox-maker Allergan.

Mr Icahn, who did not disclose details of the stake, said he was confident in chief executive Brent Saunders’ ability to enhance value for all Allergan shareholders.

Allergan's $160 billion merger with Pfizer fell apart last month, after the US Treasury issued new rules curbing tax inversions, under which American companies move their domicile overseas to cut taxes.

Mr Icahn, who launched a $150 million political action committee advocating tax reform to eliminate inversions, was firmly against the now terminated Pfizer-Allergan deal, saying it would result in the loss of the country’s 10th largest company to Ireland.

The billionaire investor said last month he had sold his entire stake in Apple, citing the risk of China's influence on the stock. Mr Icahn had been a huge cheerleader of Apple, acquiring a stake in the company almost three years ago, repeatedly calling the investment a "no brainer".

Reuters