(Bloomberg) -- Investor Carl Icahn said he's taken a stake in insurer Allstate Corp. and endorses the company's plan to sell coverage directly to consumers. The shares rose on the announcement.
Icahn is happy with the company's direction, he said Wednesday in an interview on Bloomberg Television.
The shares climbed as high as $140 after the report. They were up about 1% to $136.53 at 2:33 p.m. in New York.
Icahn's holding in the Northbrook, Illinois-based company is valued at about $400 million and was acquired for around $90 a share, the Wall Street Journal reported earlier.
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