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Activist investor Carl Icahn told eBay Inc shareholders in a letter on Thursday he has not yet begun to fight to get the e-commerce company to spin off its PayPal payments unit. Icahn, who owns just over 2 percent of eBay, also used the letter to lay out new arguments for the split. He has sparred with eBay management via open letters and press releases since January, when eBay said the pugnacious billionaire had made an unsolicited proposal for eBay to hive off PayPal and nominated two directors to the eBay board. In his latest missive, Icahn said a spinoff could allow two separate management teams to focus more closely on the core businesses and could also provide a more compelling currency to attract top talent to the respective companies. He also said an independent PayPal would find it easier to land strategic partnerships with companies that compete with eBay.