Activist investor Carl Icahn is pushing for the proposed union of Xerox Holdings and HP, arguing that a combination of the printer makers could yield big profits for investors.

Icahn, who owns a 10.6% stake in Norwalk, Connecticut-based Xerox, told The Wall Street Journal that he also owns a 4.24% stake in HP, valued at roughly $1.2bn. His stake in HP, not previously reported, could increase pressure on the printer and personal-computer company to strike a deal.