Icahn raises stake in BEA Systems

Carl Icahn has thrown another log on the fire he's lit under BEA Systems, raising his stake to 9.88 percent in the enterprise applications software maker.

The billionaire shareholder activist, who last week called for the company's sale and raised his stake to 8.5 percent, went on the offensive again Thursday by adding more BEA shares to his holdings.

Icahn and his related entities now own a total of 38.7 million shares. That's a pretty large match to wave around, as he tries to ignite movement on BEA's board to put a "for sale" sign on the company and, potentially, push for his own slate of opposition directors to be elected.

Carl's says his beef with management stems from a need to increase shareholder value. BEA's stock has fallen about 18 percent since its high of nearly $17 a share a year ago.

BEA has long been rumored as a potential buyout target for Oracle and, more recently, speculation has kicked up again over the summer.

The company's investor relations executive, however, said at a recent investor conference that the company has no plans to stick a "for sale" sign on its lawn.

Icahn, given his recent failed efforts to move shareholders into action, as evidenced by the Motorola battle, may want to pray to the fire Gods.