New York-Some industry watchers and ana- lysts have cast doubt on activist shareholder Carl Icahn's move to make an unsolicited bid for small Midcontinent refiner CVR Energy or sell off the company, saying fellow refiners are unlikely to expand their refinery base and gen- erally voicing skepticism of the 76-year-old's gambit to assume control of the company. Anybody "who understands refineries knows it doesn't make any sense" given refiners' challenging market environment, Eliecer Palacios, an energy sector specialist at Maxim Group, said February 17. Refinery investors "don't need more exposure to refin- ing," he said.
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