Abrams Capital ups stake in GenTek to 15.89%

By Lisa Kerner

Charlotte, N.C., Aug. 20 - GenTek, Inc. investor Abrams Capital Partners II, LP said it intends to review its investment in the company periodically based on many factors including GenTek's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in general, the markets for the company's stock in particular, as well as other developments.

In addition, Abrams Capital may consider "various alternative courses of action" with respect to its investment such as retaining shares as a passive or as an active investor, according to a schedule 13D filing with the Securities and Exchange Commission.

Between Aug. 7 and Aug. 16, Abrams Capital purchased 72,623 shares of GenTek stock for a total of $2,069,559, or an average of $28.49 per share. During that same period, other private investment funds over which Abrams has voting and/or investment control purchased an additional 47,700 shares for a total of $1,355,516.

Abrams Capital beneficially owns 1,842,668 or 15.89% of the company's outstanding stock. GenTek, based in Parsippany, N.J., manufactures industrial components and performance chemicals.

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