Carl Icahn Tweeting Up A Storm About Xerox Split

on Friday it will split itself into two public companies following the completion of a strategic review. Xerox said its business will split will result in the creation of an $11 billion Document Technology company and a $7 billion Business Process Outsourcing company. The transaction will be tax-free to shareholders. Shares of Xerox were trading higher by nearly 3 percent at $9.50. Xerox added its business split will result in $2.4 billion in savings over the next three years across both companies. "Today Xerox is taking further affirmative steps to drive shareholder value by announcing it will separate into two strong, independent, publicly traded companies," said Ursula Burns, chairman and chief executive officer of Xerox. "These two companies will be well positioned to lead in their respective rapidly evolving markets and capitalize on the opportunities that now exist to expand margins and increase market share."

Activist investor Carl Icahn disclosed a 7.13 percent stake in Xerox back in November and pushed the company to split itself to enhance shareholder value. An amended 13D filing from Icahn on Friday showed a 9.1 percent stake in Xerox. Icahn expressed his satisfaction in Xerox's decision in four separate Tweets.