Zell sells 3.5 million shares of Covanta Holding

By Lisa Kerner

Charlotte, N.C., Aug. 4 - Covanta Holding Corp. investors led by Samuel Zell's SZ Investments, LLC sold 3.5 million shares of the company's stock for total gross proceeds of $98.7 million, or $28.20 per share.

The transactions were reported in a schedule 13D filed with the Securities and Exchange Commission.

SZ Investments and its affiliates beneficially own 19,676,282 shares, or 12.8%, of the Fairfield, N.J., waste and energy services company.

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