Member access

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Carl Icahn
Country of residence : USA
Birthday : 02/16/1936
Linked companies : MTV - Icahn Enterprises LP - Biogen Idec Inc - JPMorgan Chase & Co.

Transocean board hits back at Icahn's strategy proposals

03/17/2013 | 10:12pm US/Eastern

(Reuters) - The board of Transocean Ltd hit back at billionaire Carl Icahn in response to the activist investor's demands for a larger dividend and directors charged with pursuing what the offshore driller called his "short-term strategy."

Icahn, who owns 5.6 percent of Transocean, has spent two months campaigning for a dividend of $4 per share. Earlier this month, Transocean recommended that shareholders approve a $2.24 per share dividend.

In the board's first formal response to Icahn's proposals, it said on Sunday his "highly flawed" agenda was focused on temporary returns at the expense of long-term value, and ignored the cyclical and capital-intensive nature of the industry.

The dividend proposal was in "direct conflict with Transocean's disciplined capital allocation strategy," it added.

Icahn also wants Transocean to replace its directors, including the chairman, and is proposing his own nominees.

Transocean's annual meeting is scheduled for May 17 in Switzerland.

(Reporting by Braden Reddall in San Francisco; Editing by Daniel Magnowski)

React to this article
Latest news about Carl Icahn 
Carl Icahn raises stake in car rental company Hertz
4 days ago - (Reuters) - Activist investor Carl Icahn raised his stake in U.S. car rental company Hertz Global Holdings Inc to 10.77 percent from 8.48 percent.
Taj Mahal 'a bad investment for me'
4 days ago - ATLANTIC CITY, N.J. — Billionaire Carl Icahn says buying Atlantic City's Trump Taj Mahal casino would be "a bad investment f
Herbalife board member a target in long-running Brazilian fraud case
11/14 - A director of U.S. nutrition company Herbalife is among 12 people charged in a years-old Brazilian embezzlement case that has never been mentioned in Herbalife public disclosures, according to co
Taj Mahal closes Dec. 12 if union keeps appeal
11/13 - ATLANTIC CITY, N.J. — Trump Entertainment Resorts said it will close the Taj Mahal on Dec. 12 if its main union doesn't drop an appeal of a court-ordered savi
Advertisement
Popular Business Leaders 
Paul Allen Mukesh Ambani Bernard Arnault Luc Besson Vincent Bolloré Martin Bouygues Richard Branson Warren Buffett Marc De Lacharrière Benjamin De Rothschild Jean-baptiste Descroix-vernier Barry Diller Bill Gates Philip Green Carl Icahn Steve Jobs Li Ka-shing Arnaud Lagardère Peter Lynch Lakshmi Mittal Rupert Murdoch Zong Qinghou Jim Rogers Johann Rupert Naguib Sawiris Carlos Slim George Soros Donald Trump Guy Wyser-pratte Jerry Yang
A-Z Business Leaders
Most Read News 
ING Vysya Merging With Kotak Mahindra Bank
7 days ago - Kotak Mahindra Bank and ING Vysya have announced an all-stock amalgamation of ING Vysya with Kotak wherein ING Vysya shar...
Alongside all the red, fur and fairy-tale gowns, an intellectual trend emerged from this year's autumn/ winter collections. ; Shopping Katie Wright
7 days ago - For some of our top designers, it's been all about art. Backstage, designers like Miuccia Prada and Burberry's Christophe...
David Rubenstein Is Not A Porn Shop Owner
11/21 - The Carlyle Group co-founder is a man of refinement and taste who is more or less single-handedly preserving America's cu...
Lack of extreme value in mainstream markets prompts investment in periphery – Wilbur Ross
6 days ago - Newly elected vice chairman of the Bank of Cyprus and chairman and CEO of WL Ross & Co, Wilbur Ross has cited difficu...
Phoenix Children's Hospital Raises Money at Bob's Biker Blast
7 days ago - Thousands of bikers and music lovers rallied at Harley-Davidson of Scottsdale and Go AZ Motorcycles on October 18, to hav...
More news
Dynamic quotes  
ON
| OFF