In Rare Interview, Icahn Reveals Reason for Interest in Lear Corp.

    DETROIT, March 19 /PRNewswire/ -- Legendary value investor Carl Icahn
 said Friday that he became interested in Lear Corp. for the same reason he
 becomes interested in any company: Other investors had lost confidence.
     On Feb. 9, Southfield-based Lear ( LEA) announced that its board
 of directors had voted to accept a $5.3 billion buyout agreement from New
 York- based American Real Estate Partners L.P., a company affiliated with
 Icahn.
     "If you look at my history, I've done this all of my life. You buy
 companies that are not in favor," the rarely interviewed Icahn told Crain's
 Detroit Business reporter Brent Snavely on Friday. "You go against the
 emotion. You go against the tide. You don't go with the crowd, you go
 against it."
     Icahn said the idea for the buyout proposal emerged in late January
 during a dinner meeting in New York with Lear Chairman and CEO Bob
 Rossiter.
     Icahn also expressed confidence in current management, and blamed
 Lear's financial struggles on industry conditions. He also responded to
 critics who say his $36 a share offer is too low.
     For the full story, see www.crainsdetroit.com or the front page of
 Crain's Detroit Business' March 19 the print edition.
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SOURCE Crain's Detroit Business