Icahn Enterprises ups year distribution to $5

NEW YORK (AP) -- Icahn Enterprises LP, the investing vehicle for billionaire Carl Icahn, said Wednesday that it is raising its annual dividend by $1, to $5.

Owners of Icahn Enterprises units can choose to receive the dividend in cash or in additional units beginning in the third quarter.

Carl Icahn, who owns about 99 million of the nearly 110 million outstanding units, said he plans to receive the increase in additional units for the time being. That helps cut down on cash needed to pay the higher dividend.

The company also said Wednesday that it will have received nearly $908 million in dividends from CVR Energy Inc. this year after the refiner and fertilizer company's special dividend payment on June 10.

Icahn Enterprises owns about 82 percent of CVR Energy.

Icahn Enterprises units fell 62 cents to $78.43 in afternoon trading.