Carl Icahn backs down on Apple share proposal

<p>Carl Icahn has abandoned his bid for an Apple share buyback.</p>

Investor Carl Icahn has backed down on his proposals for Apple to launch a major share buyback programme.

In a statement, he revealed that he sees "no reason to persist" with the bid after a negative reaction to his plans.

Mr Icahn had met with Apple's chief executive Tim Cook in a bid to persuade him a share buyback was the right thing to do for the company's investors.

"As Tim Cook describes them, these recent actions taken by the company to repurchase shares have been both 'opportunistic' and 'aggressive' and we are supportive," he said in the statement.

Apple's stocks are almost one per cent up on the Nasdaq at 15:25 GMT today (February 11th).

Mr Icahn recently called for eBay to spinoff its payment processing company PayPal. Mr Icahn has bought a 0.8 per cent stake in eBay and claimed the move – which he described as a "no-brainer" would increase its value as a result.

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